Silver (XAGUSD) Down $1.1 in Last 4 Hours, But Still in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Silver Daily Price Recap

The back and forth price flow continues for Silver, which started today off at 26.804 US dollars, down 3.94% ($1.1) from the previous day. Those trading within the metals asset class should know that Silver was the worst performer in the class today. Here 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. 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. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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 StuOnGold:

    We forecast the #Silver price will climb toward $50 by the start of 2021, $80 by the start of 2023 & climb above $100 by Jan. 2024 en route to a new inflation-adjusted high above $169 by the start of 2026.
    This is based on an analysis of past silver bull markets. ~ Jason Hamlin

  • From Macro_Hive:

    For all of you bullish #Silver fans it seems the fun continues it seems we’re having a clear break back above 28 and the gold silver cross now Nearing a break below 70. We reiterate our call for the cross to hit 60 and for the outright silver price to hit $38-$40

  • From thejohalfiles:

    With OneGold you can passively save while dollar-cost averaging your gold or silver price at or close to spot. Usually, private investors cannot purchase silver through the wholesale spot market, so as an alternative, they often buy coins or small bars.

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

Should you be buying dips in gold price, silver price? | Kitco News

(Kitco News) The U.S. dollar rally has been stealing the attention from gold and silver, making the recovery in precious metals prices more difficult, according to analysts….  After the Fed minutes were released, the market continued to be concerned with what could potentially be introduced at the upcoming September Fed meeting.  From a trade perspective, the question is whether the markets can trust the current rise in the U.S. dollar?  Weston looked at the daily charts and next week’s Jackson Hole Symposium for answers.  “One point I will make here is on the daily charts, we’ve seen some key day reversal play out in USDJPY, AUDUSD, with EURUSD printing a lower high and a lower low,” he said on Thursday….“If another stimulus package comes out, it will weaken the dollar….A lot of people are looking for stimulus and it didn’t come yet, which is also why we are seeing a short-term dollar rally.” The fundamentals for precious metals remain bullish.