Silver (XAG=X) Investors Eye Election Outcome

$XAG #Silver #FX #Commodities #Trading #Markets #Metals

Silver
Ticker: XAG=
Price: $25.25

Silver Outlook

As the election process commenced, markets anticipate a slight edge towards Democrat Joe Biden winning the U.S. presidency which might open gates for larger U.S. stimulus.

The losses for Gold and Silver were limited as it tends to benefit from stimulus infusion as it is considered as a hedge against inflation and currency debasement.

Moreover, the alarming increase in the coronavirus cases around the globe clouded the global economic outlook. Many nations reinforced fresh lockdown which dented markets risk appetite and further supported Gold prices. Markets will have a keen watch on the outcome of the Federal Open Market Committee (FOMC).

Technical Indicators

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 23.73.

The projected upper bound is: 27.18.

The projected lower bound is: 23.29.

The projected closing price is: 25.23.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

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 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 86.3037. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 18 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 57.09. 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 31 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 127.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 4 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 1 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed down -0.050 at 25.278. Volume was 8,900% above average (trending) and Bollinger Bands were 55% narrower than normal.

Open    High    Low    Close    Volume
25.340  25.410  25.070 25.278   3,312

Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish

Moving Averages: 10-period    50-period     200-period
Close:           24.19        25.03         20.08
Volatility:      48           50            57
Volume:          331          66            17

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 25.9% above 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 into XAG= (bullish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 10 periods.

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