Silver prices are modestly up in midday U.S. trading Thursday, supported in part by a weaker U.S. dollar index on this day and by the overall bullish chart postures for both metals. Prices are well their daily highs, however. October gold futures were last up $8.50 at $1,955.30 and December Comex silver was last up $0.157 at $27.245 an ounce.
Global stock markets were mostly weaker overnight. U.S. stock indexes are weaker at midday. Traders and investors are wondering if the rebound in the U.S. stock market will continue, following solid gains posted in the stock indexes Wednesday. The months of September and October can produce serious turbulence in the stock and financial markets. New turmoil in the stock markets should benefit the safe-haven gold and silver markets.
The regular monetary policy meeting of the European Central Bank was Thursday. The ECB did not make any significant changes in policy, as expected, and said rates will remain low until inflation hits its target rate of around 2% annually.
The important outside markets today see the U.S. dollar index slightly weaker but well up from its daily low, following decent gains posted earlier this week. Nymex crude oil prices lower and trading around $37.75. The yield on the U.S. Treasury 10-year note is trading around 0.7% today.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 29.77.
The projected lower bound is: 23.80.
The projected closing price is: 26.78.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 30 white candles and 19 black candles for a net of 11 white 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 59.3625. This is not an overbought or oversold reading. The last signal was a buy 3 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 51.60. 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 sell 23 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 -67. This is not a topping or bottoming area. The last signal was a sell 7 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 sell 22 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.310 at 26.610. Volume was 8,900% above average (trending) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume 26.853 26.933 26.560 26.610 10,335
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 27.16 24.61 18.70 Volatility: 32 74 53 Volume: 1,034 207 52
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 42.3% above its 200-period moving average and is in an downward 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 bearish on XAG= and have had this outlook for the last 5 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.
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