Silver (XAGUSD) Down $1.52 Over Past 4 Hours, Underperforms All metals; 2 Day Up Streak Ended

Silver Daily Price Recap

The choppiness in the recent daily price action of Silver continues; to start today, it came in at a price of 24.19 US dollars, down 5.48% ($1.4) since the day prior. On a relative basis, Silver was the worst performer out of all 5 of the assets in the metals asset class today. Here is a daily price chart of Silver.

XAGUSD

Silver Technical Analysis

First things first: Silver crossed below its 20 and 50 day moving averages yesterday. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 10 days Silver’s price has gone up 6 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.

Overheard on Twitter

Behold! Here are the top tweets related to Silver:

  • From DonDurrett:

    @johnlee25893955 Hi John! Loved your recent youtube podcast on the silver price. That is stunning guidance in your tweet and creates an excellent optionality play — if you can handle the location risk. How much of the company do you own? What risk level do you give the country?

  • From DesoGames:

    Alright if you wanna know if this dip is the “end of the bullmarket” in metals or a buying opportunity;I’m literally sitting here with a coinshop open in one window and the live #silver price in another.I refreshed the coinshop for new prices.It timed out twice.Buy.

  • From GaryBla89681788:

    @TaviCosta Is this intending to demonstrate a correlation in these data series (Dem election wins and silver price). Isn’t that a bit of a stretch?Don’t get me wrong, I’m a silver bull, but I don’t see how this would help my case.