Silver Trend May Be Changing as Price Just Breached Below Its 50 Day Moving Average

The Hourly View for Silver

  • At the time of this writing, XAGUSD’s price is down $-0.02 (-0.09%) from the hour prior.
  • This is the 2nd hour in a row Silver has seen its price head down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • The moving averages on the hourly 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.

Silver’s hourly price chart is shown below.

XAGUSD

The Daily View for Silver

  • At the moment, XAGUSD’s price is up $0.65 (2.52%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Silver has now gone up 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 100 and 50 day moving averages, resulting in them so that price is now turning above them. 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 Moves Higher Amid Demand For Safe Haven Assets you may find interesting:

Silver gained strong upside momentum and is trying to settle above the resistance at $26.25 – $26.30. RSI remains in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.If silver settles above $26.30, it will move towards the next resistance level which is…

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