$XAG #Silver #FX #Commodities #Trading #Markets #Metals
Solar panels represent about 18% of silver’s industrial consumption.
But that is only the start: the World Bank has previously forecast that solar will by 2050 consume half all silver produced.
Shayne Heffernan, CEO and Founder of HEFFX is predicting that between 2019 and 2023, global solar installations will have increased by 50% over the 2018 level.
Mr Heffernan has also noted that, even with his forecasts, there could be “upward solar surprises”, particularly if China or the US extend their solar plans.
Mr Biden has promised, if elected, to initiate a US$2 trillion (A$2.8 trillion) move to renewable energy which would require 500 million additional solar panels over the next five years.
Yet the Silver Institute is expecting a 7% decline in mine supply this year, after a 1.3% fall in 2019.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 23.66.
The projected upper bound is: 26.51.
The projected lower bound is: 22.60.
The projected closing price is: 24.55.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 65.9781. This is not an overbought or oversold reading. The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.34. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 21 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 41. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 12 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.162 at 24.588. Volume was 8,900% above average (trending) and Bollinger Bands were 54% narrower than normal.
Open High Low Close Volume 24.700 24.760 24.500 24.588 8,866
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 24.56 25.61 19.76 Volatility: 28 50 56 Volume: 887 177 44
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
PREC.M.XAG= is currently 24.4% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
Our volume indicators reflect very strong flows of volume out of XAG= (bearish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 0 periods.
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