Silver 1 OZ 999 NY (XAG=X) consolidating
Silver markets will of course be paid attention to what the US dollar does, which will be heavily influenced by Jerome Powell and whatever conversation he has with the U.S. Congress. At this point in time, the $15 level also features a major gap that has now been filled, and the 50 day EMA.
That of course is a potentially supportive area, so therefore I think that people will be paying quite a bit of attention to this area in general. Granted, Silver does tend to move with gold, and unfortunately gold has a gap that’s much lower, which gives me a bit of a pause when it comes to going long silver.
However, if we can break above the 200 day EMA which is pictured in blue on the chart, then that shows that we are probably ready to go back to the $15.50 level. Ultimately, to the downside we have support not only of the 50 day EMA but we also have it at the $14.75 level, so it does make quite a bit of sense that we eventually do find buyers.
One thing you should keep in mind about the silver market is that it’s not just a precious metals market, but it is also an industrial metal, so it has a bit of economic factors built in as well. All things being equal though, I do like precious metals and I think it’s only a matter of time before we get a nice buying opportunity, be it above the 200 day EMA or down at the $14.75 level.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 15.02.
The projected upper bound is: 15.50.
The projected lower bound is: 14.70.
The projected closing price is: 15.10.
A white body occurred (because prices closed higher 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 29 white candles and 20 black candles for a net of 9 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 30.7961. This is not an overbought or oversold reading. The last signal was a sell 10 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 51.24. 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 12 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 -131.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 5 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.075 at 15.100. Volume was -0% below average (neutral) and Bollinger Bands were 5% wider than normal.
Open High Low Close Volume___
15.010 15.127 14.910 15.100 0
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.19 14.86 15.00
Volatility: 17 17 17
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.
PREC.M.XAG= is currently 0.7% above its 200-period moving average and is in an upward 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 bullish on XAG= and have had this outlook for the last 24 periods.