Silver (XAGUSD) Up $0.11 Over Past 4 Hours, 3 Day Up Streak Broken; Price Base in Formation Over Past 90 Days

Silver 4 Hour Price Update

Updated January 07, 2021 01:58 AM GMT (09:58 PM EST)

Silver closed the previous 4 hours up 0.41% ($0.11); this denotes the 2nd candle in a row it has gone up. On a relative basis, the current 4 hour candle were pretty good: Silver bested all 5 of the assets in the metals class 🙂

Silver Daily Price Recap

Silver’s 3 day positive streak has officially concluded, as the candle from yesterday closed down 0.98% ($0.27). 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 yesterday. The daily price chart of Silver below illustrates.

XAGUSD

Silver Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Silver’s price has gone up 8 of the previous 10 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Silver:

  • From CryptoGayGuy:

    silver bullion dealers see their stocks vanish like snow for the sun. soon premiums will skyrocket, detaching the price of physical metal from its ETF price, even if that doesn’t move.mining shares will soar with increased fees across the board and a rising silver price.

  • From Here4news13:

    @fjs79536796 @SilverChartist I’m building my bag for earnings Feb 17. Mines are back open. Silver price stayed over $20+. Keith is steering this ship to the moon. Every pullback I’ll be adding.@realJosephRich 👈ask this dude. We buy leadership and historical performance.

  • From BazLogicUK:

    @disruptor1664 @AlienMetals Sentiment will come anticipation of news from drilling, technical will come from increased Silver price, we should see both over the next 2 months !! 😉

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

Emerging inflation underpins gold and silver price rises

Still, 1:70 is a lot better than the 1:128 ratio which occurred in the silver market last year….The firm has also been bullish on silver….“Gold has been around as a currency for thousands of years and is one of the oldest cultural institutions.” But what about the gold mining sector as opposed to the metal they produce, or for which they explore?…One, the share prices of the gold companies, particularly the producers, for several years lagged the rise in the metal’s price….Well-known US gold pundit Doug Casey said recently that fund managers have been “miseducated” about gold since university and that gold stocks are not even on the radar of most institutional investors….And the point follows that the value of the primary silver producers is even far less.