Silver does it again: heads down for the second day in a row

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The hour view for silver

  • Currently the price is from XAGUSD $ -0.01 decrease (-0.03%) from the hour before.
  • That is a reversal the price movement of the previous hour in which the price rose.
  • As for the trend in the hourly timeframe, we see that clearest trend in the 50-hour period.
  • Price action traders should also note that we are seeing a pin-bar candlestick pattern in silver. Given that we are seeing a downtrend in the 20 hour candlestick time frame and such candlestick patterns often indicate reversals, this may be worth mentioning.
  • The moving averages on the hourly time frame indicate a bearish price as the 20, 50, 100, and 200 are all in a bearish alignment – meaning that the shorter duration moving averages are below the longer duration averages, which is for you indicating a stable downtrend.

Silver’s hourly chart is shown below.

The day view for silver

  • Currently the price is from XAGUSD by $ -0.5 (-1.96%) from the day before.
  • The daily chart shows that silver has seen 2 days without end.
  • Regarding the trend, note that the strongest trend exists in the 50 day timeframe.
  • The moving averages of the daily time frame suggest an inconsistent price as the 20, 50, 100 and 200 are all in a mixed alignment – meaning the trend is inconsistent across the time frames, suggesting potential Opportunity for Rangebound traders.

Below is a daily price chart for silver.

XAGUSD

Recommended silver idea from TradingView

Below is a trade comment entitled SILVER – approaching the shopping area You might find interesting:

Silver Price Analysis (XAG / USD) consolidates largest daily loss in a month below $ 26.00 Following that, the June low at $ 25.50, also the lowest since mid-April, will be key since one The downside break will not hesitate, the April 13th low near USD 24.65. In the meantime, the further recovery in silver prices depends …

FX_Professor


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