Silver’s Hot Streak: Up 4 of the Past 5 Days

The Hourly View for Silver

  • Currently, XAGUSD’s price is up $0.02 (0.07%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Silver. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration.
  • The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Silver’s hourly price chart is shown below.

XAGUSD

The Daily View for Silver

  • At the moment, XAGUSD’s price is up $0.34 (1.42%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Silver has now gone up 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between XAGUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XAGUSD’s price.

Below is a daily price chart of Silver.

XAGUSD

Featured Silver Idea From TradingView

Below is a trading comment entitled GreenGateFX – XAGUSD – Daily you may find interesting:

We’ve left the original drawings on the chart to show how we drew the trend line support and resistance levels as well as the usual support and resistance zones. As you can see we followed silver down to where it rejected, waited for confirmation and then followed the move up towards the target level and trendline resistance.Please do give us a comment and follow.GreenGateFX

GreenGateFX