Silver 1 OZ 999 NY (XAG=X) to stay positive hence it’s clearly a buy on dips market
Silver stays below the 50 EMA level at $15.60 following the release of U.S. Initial Jobless Claims report which showed that 5.25 million of Americans applied for unemployment benefits.
Currently, it looks like the market was ready to hear the bad news, and there is no rush to safety. The U.S. Dollar Index was trying to get above the psychologically important 100 level but failed to settle above it.
Yesterday, the rush to safety following the release of disappointing U.S. Retail Sales data put pressure on silver prices. Today, silver prices may have the opportunity to show some upside since the U.S. Initial Jobless Claims report was close to analyst expectations so global markets may avoid a sell-off.
Meanwhile, the total number of coronavirus positive cases in India reached 12,380 and the death toll stands at 414, according to the latest data released by the Union Health Ministry said on Thursday. “Central banks around the globe continue to take measures with an objective to combat the virus outbreak. US retail sales suffered a record drop in March and output at factories declined by the most since 1946 amidst the COVID-19 impact.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 16.85.
The projected lower bound is: 14.04.
The projected closing price is: 15.45.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 73.7318. This is not an overbought or oversold reading. The last signal was a sell 0 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 54.79. 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 17 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 69. 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 15 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.020 at 15.495. Volume was 8,900% above average (trending) and Bollinger Bands were 23% wider than normal.
Open High Low Close Volume___
15.462 15.582 15.160 15.495 39,683
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 15.24 15.89 17.02
Volatility: 34 61 38
Volume: 3,968 794 198
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 8.9% below 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 4 periods.
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