The Hourly View for Silver
- Currently, XAGUSD’s price is up $0.01 (0.04%) from the hour prior.
- This is the 3rd hour in a row Silver has seen its price head up.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration.
- Of note is that the 200 hour changed directions on XAGUSD; it is now pointing down. 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.
The Daily View for Silver
- Currently, XAGUSD’s price is up $0.18 (0.64%) from the day prior.
- This move is a reversal from the day prior, which saw price move down.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them so that price is now turning above it. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Below is a daily price chart of Silver.
Featured Silver Idea From TradingView
Below is a trading comment entitled XAUUSD Commodity Overlook you may find interesting:
Silver troy ounce (31.10 gram) 27.975 USD (percentage of 0.9, Strong Buy signaling) and Platinum , 1151.1 USD (-0.98 of pct, Buy). Ounce palladium 2781 USD (%-0.93) costs for traders.Copper 1 pound (0.4535 kg), 4.526 USD (with the percentage of -0.66, Neutral) is being traded at the time written. Besides this, XAUUSD, spot gold (oz), 1893.9 USD (%-0.03, Buy) is going along its trendline.American Dollar…