Silver 1 OZ 999 NY (XAG=X) bounced from support but still bearish

Silver 1 OZ 999 NY (XAG=X) bounced from support but still bearish

A bounce from $14.40 happened in the previous week and silver escaped breakdown below $14.40. At the current time, there is no bullish follow-through by the bull yet. The precious metal might hover near the current level with the top of the channel as a target. Traders might want to maintain the short bias as silver stay inside the bearish channel.

As long as the price stays inside the channel, there is no reason to take long positions.

Today Critical levels to watch:

Support: $14.40, $14.00

Resistance: $14.80, $15.00

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 14.95.

The projected upper bound is: 14.88.

The projected lower bound is: 14.22.

The projected closing price is: 14.55.

Candlesticks

During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 25 white candles and 22 black candles for a net of 3 white candles.

A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 73.0007. This is not an overbought or oversold reading. The last signal was a buy 4 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 41.59. 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 6 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 -14. This is not a topping or bottoming area. The last signal was a buy 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 0 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.020 at 14.570. Volume was 8,900% above average (trending) and Bollinger Bands were 14% narrower than normal.

Open High Low Close Volume___
14.570 14.570 14.570 14.570 1

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 14.54 14.93 14.90
Volatility: 14 14 18
Volume: 0 0 0

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.

Summary

PREC.M.XAG= is currently 2.2% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume into XAG= (bullish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 62 periods.

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