Silver (XAG=X) Technicals and Charts – The Super Metal

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Silver
Ticker: XAG=
Price: $24.48

Silver Outlook

Silver is used for industrial applications such as medicine, electronics and semiconductors among others.

But silver is also considered a hedge during an economic crisis.

Silver has since closed some of that gap against gold as demand for silver increased during the pandemic.

In fact, if you tried to buy physical silver coins and bullion during the pandemic, you probably struggled to do so with the lockdowns, mint closures and backlogs.

Mexico, the largest silver producer in the world had to stop production because of the pandemic.

The gold-to-silver ratio is now sitting at around 78, higher than the average.

Silver demand as a hedge could still go higher even with an economic slowdown with lockdowns looking likely in Europe and in the US as they head to winter, central banks printing large amounts of money to keep their economies afloat, higher unemployment and market volatility.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 26.32.

The projected lower bound is: 22.51.

The projected closing price is: 24.42.

Candlesticks

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 24 white candles and 26 black candles for a net of 2 black candles.

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 31.7415. 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 48.62. 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 23 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 -17. This is not a topping or bottoming area. The last signal was a sell 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 14 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.160 at 24.480. Volume was 8,900% above average (trending) and Bollinger Bands were 55% narrower than normal.

Open    High    Low     Close    Volume
24.250  24.570  24.240 24.480    5,922

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

Moving Averages: 10-period    50-period     200-period
Close:           24.51        25.49         19.82
Volatility:      18           48            56
Volume:          592          118           30

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 23.5% 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 2 periods.

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