Silver price continued its downward trend to trade at ~$23.44. The figure represents a decline of 0.57%. Just like gold, silver’s safe haven appeal has reduced as investors look to profit from the steadily rising cryptocurrency market. When traded against Bitcoin, XAUBTC is still on its steep dip at the current $0.09. Silver price movement comes a day after the mixed PMI data from Europe and the U.S.
The safe haven appeal for silver has risen as investors shift their focus to cryptocurrencies. On Tuesday, crypto were largely in the green. Ethereum rose by 3.82% to trade at $615.48. At the same time, Ripple was trading at $0.68, which represents a change of +32.37%. Bitcoin also rose by 0.31% to trade at $18,633.8.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 25.23.
The projected lower bound is: 21.28.
The projected closing price is: 23.25.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 25 white candles and 25 black 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 19.6708. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 12 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 40.40. 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 44 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 -160.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 12 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 4 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.078 at 23.330. Volume was 8,900% above average (trending) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume 23.240 23.364 23.170 23.330 2,432
Technical Outlook Short Term: Oversold Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 24.08 24.24 20.49 Volatility: 21 52 58 Volume: 243 49 12
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 13.9% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods.
Our volume indicators reflect very strong flows of volume into XAG= (bullish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 2 periods.
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