SILVER 1 OZ 999 NY (XAG=X) Coming Very Close to a Bottom
According to Quartz, silver prices have fallen to their lowest levels since 2016, shedding 17 percent since the start of this year. The metal started 2018 at $553 per kilogram. The highest price for this year was $564/kg which was way back in January. Now, silver prices have lost almost a hundred dollars after playing around the $456 line.
Traders may be worried these days, but experts say that the metal’s current standing is either its bottom already or it is coming very close to it.
Looking back at silver’s low points in 2015 and 2016, the metal remained stable after seeing a plunge. In August 2015, it hit $14 per ounce but it never went lower than that. A few months later, silver went back to $14 per ounce, then dropped to $13.75 per ounce, but again, it never went lower.
From the look of things, the only way for silver from this point on is up.
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 15.39.
The projected upper bound is: 14.55.
The projected lower bound is: 13.57.
The projected closing price is: 14.06.
A black body occurred (because prices closed lower 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 23 white candles and 27 black candles for a net of 4 black 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 21.7592. This is not an overbought or oversold reading. The last signal was a buy 0 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 30.78. 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 2 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 -119.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 14 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 3 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.020 at 14.100. Volume was -0% below average (neutral) and Bollinger Bands were 14% wider than normal.
Open High Low Close Volume___
14.128 14.255 14.050 14.100 0
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.42 15.18 16.22
Volatility: 18 21 20
Volume: 0 0 0
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 13.0% below its 200-period moving average and is in an downward trend. Volatility is high 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 55 periods.
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