Silver 1 OZ 999 NY (XAG=X) traders and investors risk appetite has up-ticked
Gold and silver prices are lower in midday U.S. trading Monday, as trader and investor risk appetite has up-ticked markedly to start the trading week. However, prices of both metals have moved well up from their daily lows. December gold futures were last down $11.30 an ounce at 1,512.30. September Comex silver prices were last down $0.147 at $16.98 an ounce.
Bull markets, even the strong ones, don’t see prices go up every day. In fact, corrective chart consolidation is healthy and suggests the uptrend can be sustained.
September silver futures prices closed near mid-range today. The silver bulls have the solid overall near-term technical advantage. An 11-week-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the August high of $17.49 an ounce.
The next downside price breakout objective for the bears is closing prices below solid support at last week’s low of $16.51. First resistance is seen at today’s high of $17.175 and then at $17.315. Next support is seen at today’s low of $16.82 and then at $16.685.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 15.97.
The projected upper bound is: 17.44.
The projected lower bound is: 16.38.
The projected closing price is: 16.91.
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 32 white candles and 18 black candles for a net of 14 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 55.4734. This is not an overbought or oversold reading. The last signal was a sell 6 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 58.95. 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 1 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 34. 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 sell 0 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.215 at 16.865. Volume was 8,900% above average (trending) and Bollinger Bands were 38% wider than normal.
Open High Low Close Volume___
17.095 17.141 16.820 16.865 19,582
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 16.98 15.86 15.27
Volatility: 28 21 18
Volume: 1,958 392 98
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 10.5% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 53 periods.