Heavy Fall in Silver 1 OZ 999 NY (XAG=X) price
On the first day of the week, on Monday, gold and silver futures prices are falling. The gold futures of December 5, 2019, were trending down 0.17 percent or 63 rupees on the MCX exchange at 10.35 am on Monday. Due to this fall, gold futures on December 5, 2019, remained at Rs 37,832 per ten grams.
Along with gold, silver futures prices are also declining on Monday. On December 5, 2019, silver futures on the MCX exchange saw a fall of 0.47 percent or Rs 210 on Monday morning at 10.40 am. Due to this decline, silver futures on December 5, 2019, remained at Rs 44,270 per kg. On February 5, 2020, gold futures prices are also falling on Monday. The gold futures on February 5, 2020, was down 0.22 percent or Rs 82 to trade at Rs 37,915 per 10 grams on MCX Exchange at 10.43 am on Monday.
On the global level, according to Bloomberg, the spot price of gold was down by 0.03 percent on Monday to trend at $ 1461.51 an ounce. On the other hand, the spot price of silver was down by 0.31 percent at $ 16.97 an ounce. Now when it comes to crude oil, on Monday, its futures prices are falling. On Monday, December 10, 2019, the crude oil futures prices were trending down by 0.50 percent or Rs 21 on MCX exchange at 10:55 am on Monday. Due to this decline, the crude oil futures price of 18 December 2019 was at Rs 4148 per barrel.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 17.26.
The projected upper bound is: 17.57.
The projected lower bound is: 16.18.
The projected closing price is: 16.88.
A black body occurred (because prices closed lower 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 21 white candles and 29 black candles for a net of 8 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 53.2822. This is not an overbought or oversold reading. The last signal was a sell 1 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 38.54. 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 57 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 -49. This is not a topping or bottoming area. The last signal was a buy 8 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 2 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.108 at 16.896. Volume was 8,900% above average (trending) and Bollinger Bands were 2% wider than normal.
Open High Low Close Volume___
17.000 17.000 16.820 16.896 42,038
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 17.00 17.53 16.17
Volatility: 10 25 24
Volume: 4,204 841 210
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 4.5% 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 out of XAG= (bearish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 11 periods.