Silver (XAGUSD) Down $0.1 Over Past 4 Hours, Price Base in Formation Over Past 14 Days; Pin Bar Pattern Appearing on Chart

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 26.92 US dollars, down 0.39% ($0.1) since the previous day. Relative to other instruments in the metals asset class, Silver ranked 4th since the previous day in terms of percentage price change. Below is a daily price chart of Silver.

XAGUSD

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. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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. For additional context, note that price has gone down 8 out of the past 14 days. 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 TradingWaves3:

    #Silver is trading at $26.70 levels. Silver price declined again to break 26.90 level and settles below it, which puts the price under the negative pressure again, on its way to decline towards 25.10$ areas mainly. Therefore, the bearish trend will be suggested for today,

  • From silverquote:

    Hong Kong #Silver #Price Morning Session Close: $26.62 USD per oz 2020-09-11 12:30:18 HKT

For a longer news piece related to XAGUSD that’s been generating discussion, check out:

Something BIG Happened in the U.S. Silver Market In June – SRSrocco Report

Thanks Steve!!!…steve It looks like the USA is the biggest Silver Bullion buyer this year….Steve….While some of this silver could have been used for SLV silver storage purposes, there was about 60 Moz that went into the SLV ETF in June, but there was even more in May, 70+ Moz….However, there were only 368 metric tons of silver bullion imported in May, or only 11.8 Moz.