Silver Snaps a 4 Day Down Streak

The Hourly View for Silver

  • At the time of this writing, XAGUSD’s price is down $0 (-0.01%) from the hour prior.
  • The hourly chart shows that Silver has seen 2 straight down hours.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Silver. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Silver’s hourly price chart is shown below.

XAGUSD

The Daily View for Silver

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  • It’s been a feast for bears operating on the daily timeframe, as Silver has now gone down 10 of the past 10 days.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of Silver.

XAGUSD

Featured Silver Idea From TradingView

Below is a trading comment entitled Silver Analysis, Bears in control you may find interesting:

Hello everyone, as we all know the market action discounts everything 🙂 _________________________________Make sure to Like and Follow if you like the idea_________________________________ XAGUSD is bearish on the long-term outlook. The sellers were in charge of the Silver market since June and the bears’ momentum has been increasing. The price has been decreasing accordingly.The market has pushed above the 23 levels and holding near the support zone, and all the former support levels of 25 and 24 has turned into resistance levels.Using the Elliot wave theory we can see that the market is having a corrective wave right now which could push it near the 24$ zone where a battle will happen between the Bears and Bulls, and if the Bears wins then the price will be going down near the 22$ level as confirmed by the Elliot theory.Different Scenarios for the market :Scenario 1 :The Market is holding at 23.709 near the support zone from 23.649 to 23.437, The bears are trying to drop the market as much as they can so we could be seeing a breakout happening at that level that would lead the market near the 22$ level.Scenario 2 :The Bulls are trying to gain control back over the market …

GabiDahdouh