Silver (XAGUSD) Up $0.42 in Last 4 Hours, 2 Day Down Streak Snapped; in an Uptrend Over Past 90 Days

Silver Daily Price Recap

Silver entered today at $27.155, up 1.55% ($0.42) from yesterday. Out of the 5 instruments in the metals asset class, Silver ended up ranking 2nd for the day in terms of price change relative to yesterday. The daily price chart of Silver below illustrates.

XAGUSD

Silver Technical Analysis

Notably, Silver crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Silver:

  • From AIMInvestor4:

    @DonaldPond6 @DirtyJohn85 I couldn’t agree more Donald #PXC is an absolute gem, funded this year, cash flow next & only 1% of the Empire mine yet explored. It really could be £200m+ market cap in fairly short order. Sp only low a few months ago due to Silver price, COVID & the fact it was unknown…

  • From JFIAustralia:

    @j0nathandavis @chayse1984 All these pieces of shit are degrading US$ included. Look at Gold price 1971 and now. Look at Silver price 1971 and now. The US$ may make small gains against other fiats but its a ride of higher and lower boats. The tide is falling dear friend.

  • From MattStirner:

    @goldseek Fortuna looks to be an absolute beast right now. So glad I have been adding to that position. If this silver price is sustained through to NY trading we will see a new 52 week high.

In terms of news links for Silver here’s one to try:

Gold to outperform silver into year-end, $4K gold price not ruled out by 2023 – Bloomberg Intelligence | Kitco News

Industrial metals are dependent on more fiscal stimulus and a global economic rebound, yet increasingly vulnerable to normal stock-market mean reversion,” wrote McGlone in the latest monthly commodity update.  For silver to outperform gold on a continuous basis for the rest of the year, the market will have to see a combination of rising bond yields, a peak dollar, declining stock-market volatility and continued global economic expansion….“If stock prices decline, gold’s upper hand should accelerate as base metals come under pressure.” Moreover, the gold’s bull rally is just beginning, noted the report.