SILVER 1 OZ 999 NY (XAG=X) agreement reached between the U.S. and China to a temporary halt
Gold and silver prices are solidly up in early U.S. trading Monday, following the weekend agreement reached between the U.S. and China to a temporary halt their heretofore escalating trade war. Gold prices pushed to a three-week high overnight. Bullish metals traders are looking at the demand side of the equation, and a more permanent U.S.-China trade truce would likely result in increased world economic growth, meaning more demand for precious metals. February gold futures were last up $8.30 an ounce at $1,234.40. March Comex silver was up $0.278 at $14.50 an ounce.
March silver futures bears have the solid overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the October high of $15.055 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $13.985. First resistance is seen at $14.66 and then at $14.75. Next support is seen at the overnight low of $14.28 and then at last week’s low of $14.185.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 14.84.
The projected lower bound is: 13.90.
The projected closing price is: 14.37.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 20 white candles and 29 black candles for a net of 9 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 53.5191. This is not an overbought or oversold reading. The last signal was a buy 3 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 50.48. 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 63 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 62. This is not a topping or bottoming area. The last signal was a buy 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 buy 0 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.192 at 14.363. Volume was 8,900% above average (trending) and Bollinger Bands were 22% narrower than normal.
Open High Low Close Volume___
14.250 14.564 14.190 14.363 12,474
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.30 14.44 15.52
Volatility: 19 21 20
Volume: 1,247 249 62
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 7.5% below its 200-period moving average and is in an downward 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 bearish on XAG= and have had this outlook for the last 18 periods.
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