Silver 1 OZ 999 NY (XAG=X) continue to grind higher
Silver markets have rallied right along with the gold market during the trading session on Tuesday, as we reach towards the vital $16 level. This is a market that could cause a bit of resistance, but I think silver will take its cues from gold. Gold markets have been breaking out already, clearing the vital $1300 level.
Beyond that, we have the Federal Reserve looking very likely to be soft on interest rates, and that could continue to sink the US dollar in general. At this point, the silver market has lagged behind gold, but I do think that eventually we go to the $17 level above. We recently have seen an explosive break out to the upside, and I think at this point silver is probably a market that you want to buy every time it pulls back.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 16.27.
The projected lower bound is: 15.46.
The projected closing price is: 15.87.
A white body occurred (because prices closed higher 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 27 white candles and 23 black candles for a net of 4 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 92.2652. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 4 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 66.67. 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 13 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 140.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 3 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 11 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.093 at 15.838. Volume was 8,900% above average (trending) and Bollinger Bands were 18% narrower than normal.
Open High Low Close Volume___
15.745 15.915 15.680 15.838 10,360
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.50 15.00 15.25
Volatility: 20 17 19
Volume: 1,036 207 52
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 3.8% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect very strong flows of volume into XAG= (bullish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 36 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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