Hello! This is the news page for Silver. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
A trend/countertrend situation exists on XAGUSD, in which an uptrend exists on shorter timeframes but a downtrend appears on the 30 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
XAGUSD Moving Averages
XAGUSD’s moving averages tell a multi-facted story about its trend. The 100 and 200 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 20 and 50 day averages that imply a bearish trend. Ultimately, this suggests a bearish trend on shorter timeframes, compared to a bullish trend when observing more than 3 months of data.
Below is a chart showing XAGUSD’s price with its moving averages.
The View From the Weekly Timeframe
Currently, XAGUSD’s price is up $0.17 (0.67%) from the week prior. Moreover, note that this is the 2nd straight week XAGUSD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 10 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows XAGUSD’s price action over the past year.