Silver (XAGUSD) Breaks Above 200 Day Average, Pin Bar Pattern Appearing on Chart; And A Story About Streible

Silver Daily Price Recap

Silver came into today up 2.84% ($0.4715) from the open of yesterday, marking the 4th day in a row an upward move has occurred. Relative to other instruments in the metals asset class, Silver ranked 3rd since yesterday in terms of percentage price change. The daily price chart of Silver below illustrates.

Silver Technical Analysis

First things first: Silver crossed above its 200 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 10 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Silver for the past day were:

  • From f_rambin:

    @Chumbawumba117 @GregMannarino @YouTube Only 14 billion usd of silver mine in one year and 180 billion usd of gold mine in one year . Silver mining down 60 percent in covid 19 lackdown and 65 percent of silver go to industrial and 25 percent go to jewelry only 10 percent go to investment silver price skyrocket soon

  • From f_rambin:

    @MrE1310 @JamesGRickards Only 14 billion usd of silver mine in one year and 180 billion usd of gold mine in one year . Silver mining down 60 percent in covid 19 lackdown and 65 percent of silver go to industrial and 25 percent go to jewelry only 10 percent go to investment silver price skyrocket soon

  • From 2yellowmetals:

    @duediligenceguy Well, one data point is the rise in silver price tonight. I have Kitco’s Gold Live app on phone so data on my selected metal is always visible on top of screen in small print. An hour ago I noticed silver was up .30. Impressive after Friday 75 cent gain. Just looked and up.60!

As for a news story related to Silver getting some buzz:

Supply crunch pushing silver price to 3-month high | Kitco News

(Kitco News) – All eyes are on silver as prices are starting the week with some robust follow-through buying after Friday’s breakout session….Streible noted that the silver’s Friday rally picked up new momentum after the release of the Federal Reserve’s industrial production data for April.