Gold futures prices are moderately up and hit a three-week high in midday U.S. trading Tuesday. Silver prices are near steady at midday and also hit a three-week high. Gold and silver bulls have gained some technical momentum to suggest near-term market bottoms are in place. There is some keener risk aversion in the marketplace so far this week, which is prompting some safe-haven demand and perceived bargain hunting following recent losses in the two metals. February gold futures were last up $11.40 at $1,877.40 and March Comex silver was last down $0.019 at $24.775 an ounce.
March silver futures prices hit a three-week high today. Silver futures bulls have the slight overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the November high of $26.27 an ounce.
The next downside price objective for the bears is closing prices below solid support at the September low of $21.93. First resistance is seen at today’s high of $25.015 and then at $25.50. Next support is seen at today’s low of $24.55 and then at $24.00.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 26.21.
The projected lower bound is: 22.84.
The projected closing price is: 24.53.
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 28 white candles and 22 black candles for a net of 6 white 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 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 81.7510. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 9 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 55.25. 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 54 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 99. This is not a topping or bottoming area. The last signal was a sell 0 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 4 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.058 at 24.502. Volume was 8,900% above average (trending) and Bollinger Bands were 44% narrower than normal.
Open High Low Close Volume 24.540 24.574 24.440 24.502 2,049
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 23.87 24.15 20.80 Volatility: 41 45 58 Volume: 205 41 10
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 17.8% 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 out of XAG= (bearish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 1 periods.
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