SILVER LATEST

Analysis pre Mon. Nov. 29.

October was a strong month for the white metal ( + 7,7%) , totally reversing the weak development in September. The last 8 November's has been negative for the price of Silver, with an average loss of - 6.3%! Is it all different in November 2021?

November 1st Silver closed at 24.01.

SILVER INTRADAY LIVE

SILVER SEASONALITY CHART

The Silver seasonality chart compares this year to earlier years.

Nov 06 @ 24.16 (Friday Nov 05).

Oct 04 @ 22.68 to Nov 06 @ 24.16 = USD 1.48 ( + 7%).

SILVER PRICE DEVELOPMENT

Daily closings of Silver prices in USD per OZ through the lens of strength and weakness.

SILVER THIS YEAR VS LAST YEAR

Silver prices for the current year vs last year.

SILVER THIS YEAR VS 2 YEARS AGO

Silver prices this year compared to 2 years ago.

SILVER THIS YEAR VS 3 YEARS AGO

Silver prices this year compared to 3 years ago.

SILVER PRICE CHANGES

'One seldom walks alone'...

SILVER MACD AND RSI

These are indicators only. No Silver price action in the chart above, only formulated MACD and RSI levels put together.

SILVER WEEKLY ( Longer perspective )

Each bar is derived from one week of trading activity. Scroll down to the Monthly chart after this.

After week 47, weakness prevails on a weekly scale showing a lower low and a lower high.

After week 46, there is a higher low vs last week. Highnote is the very same. There could be seasonal weakness for a couple of weeks, but blue bars are stronger than red.

After week 45, a clear higher high and a higher low in the weekly time-scale, ending the week on a high note.

After week 44, Silver makes a lower low and a lower high on a weekly scale.

After week 43, there is now an inside weekly bar; the weekly high is lower than the previous week and the weekly low is higher than the previous low. So far, blue bars prevail.

After week 42, prices are moving higher on the weekly scale signalled by the clear higher high and its higher low.

After week 41, not convincing on a weekly basis as there is no clear blue body to the last candle. But it could be a start to something. 

After week 40, the downtrend is very much intact, but the latest inside bar indicates consolidation and could (at best) signal trend reveral.

After week 39, weekly prices are showing lower lows and lower highs. USD 23.8 is to be challenged in order to see a change to the current downtrend.

After week 38, Silver still sees a lower low and a lower high in the weekly chart above. No sign of any turnaround until closer to, or above the USD 24.2 mark.

After week 37, prices are significantly  weaker and lower, ( - 5.7% ) for the week. Bars are building lower lows and lower highs and made a yearly low-close on Friday.

After week 36, prices are continuing somewhat south. In order to gain traction markets needs to get above 24.80 quite quickly.

After week 35, Silver shows some signs of strength, but no indication of a clear uptrend in the weekly chart. There is a higher low and a higher high indicating higher prices to come.

After week 34, Silver is still heavy in the weekly chart, even though Gold managed to show a blue bar. USD 24.7 is the next juncture to surpass.

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SILVER MONTHLY (Looonger perspective)

The monthly tradingrange for Silver prices in October was USD 2.85, down from USD 3.5 in September.

Each bar is derived from one month of trading activity. Scroll down to the Quarterly chart after this.

After October: the longer term chart still looks heavy with another red candle for the month. The only 'potential' bright spot is the October 'inside bar' where the high and low is within the price range of September. Only the time will show in what direction Silver could break in November. For now the red bars prevail...November has been red the last 8 times. Wonder if it is different this year.

After September: the chart shows a lower low and a lower high on a monthly timescale. In for this negative trend to continue, silver needs to again push below the September 29 low at 21.4. To be positive on Silver, markets should get closer to the USD 25.3 level within October.

After August: the monthly development is weak, but with an attempt to go higher towards the end of the month. The month shows a lower low and a lower high.

SILVER MONTHLY PRICE CHANGES

SILVER MONTLY

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SILVER PRICES QUARTERLY

This chart shows the Silver price development where each bar counts as one quarter (3 mnths) of trading activity.

After Q3 2021, Silver prices are lower for the quarter with a clear lower low and a lower high. In order to gain traction again, prices needs to get close to or above USD 27 towards the end of 2021.

After Q2 2021, Silver prices should hold a new quarterly low about USD 24 in order to keep the uptrend intact. The more perfect scenario for higher prices to come is to make a higher high above USD 29.

SILVER PRICES YEAR BY YEAR

In 2020, Silver ranged as much as USD 18.3 from low to high or low to high. The chart above is created as an Heikin Ashi chart, thereby given different outcomes of highs and lows than a normal bar chart because of its formula.

The strongest message from this chart is the importantance of a bar's higher highs and higher lows (lower lows and lower highsare in indicating further price action.

SILVER INTRADAY DAILY

SILVER PRICES INTRADAY DAILY

This is a great overview of how the prices of Silver have performed from day to day throughout the entire year (accumulated over the last 5 years, 2016 - 2020).

 

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An old Silverbar from the World War II


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