Silver (XAGUSD) Down 2.57%, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

Silver Daily Price Recap

The back and forth price flow continues for Silver, which started today off at 14.87 US dollars, down 2.57% ($0.392) from the day prior. Out of the 5 instruments in the metals asset class, Silver ended up ranking 3rd for the day in terms of price change relative to the day prior. Here is a daily price chart of Silver.

Silver Technical Analysis

Volatility for Silver has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For another vantage point, consider that Silver’s price has gone down 16 of the previous 30 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 TimPerr73482157:

    @IntelSovereign @GrantMBeasley Recent drill results were very good & expanded an already large silver resource with additional gold as well. Extremely undervalued & highly leveraged to a rising silver price. $ABRA $ABBRF truly a hidden gem & completely off the radar of most. One of my favorite silver stocks.

  • From muscleman6666:

    @StockCats No that’s exactly what the Hunt brothers did to Silver futures, and the exchange put up a rule that in that case they can spread out the physical delivery over a few months, which caused silver price to collapse and the Hunts went broke.

  • From Northst18363337:

    @Reds72504883 Gold is acting as a safe-haven store of value. Silver is (for now) acting as a commodity. Paper silver price could fall much lower, but a ‘double bottom’ looks quite possible to me.