Silver 1 OZ 999 NY (XAG=X) expected to see silver pushing to a high of $17.50 an ounce

Silver 1 OZ 999 NY (XAG=X) expected to see silver pushing to a high of $17.50 an ounce

Silver 1 OZ 999 NY (XAG=X) expected to see silver pushing to a high of $17.50 an ounce

The analysts said they see a potential for gold price to rise as the Federal Reserve looks to slow the pace of its monetary policy tightening this year.

“In such a scenario the USD might not strengthen much further, especially in the second half of the year. This combined with the ongoing U.S.-China trade debates, geopolitical tensions, political turmoil and additional stock market downside corrections, will be supportive for gold,” they said.

Further volatility in equity markets should also support gold prices through 2019, the analysts said.

The precious metals firm is also bullish on silver, but it stills see it underperforming gold in 2019. The analysts said that they see silver pushing to a high of $17.50 an ounce and averaging the year around $16.625 an ounce. MKS’ silver forecast represents a gain of nearly 12% from current prices. March silver futures last traded at $15.63 an ounce, relatively unchanged on the day.

“We expect silver to trade in the shadow of gold and to rise along with it based on the same underlying factors,” the analysts said.

Despite the firm’s bullish views on gold and silver, the analysts said that palladium is their favorite metal for 2019. The analysts see prices rising to a high of $1,420 an ounce and averaging the year at $1,360 an ounce. MKS’ forecast represents a gain of almost 8% from current prices. March palladium futures last traded at $1,318 an ounce, up more than 3% on the day.

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 15.12.

The projected upper bound is: 15.97.

The projected lower bound is: 15.19.

The projected closing price is: 15.58.

Candlesticks

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 26 white candles and 24 black candles for a net of 2 white 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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.1843. This is not an overbought or oversold reading. The last signal was a sell 8 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 62.75. 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 5 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 -17. This is not a topping or bottoming area. The last signal was a sell 8 period(s) ago.

MACD

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 -0.010 at 15.560. Volume was 8,900% above average (trending) and Bollinger Bands were 60% wider than normal.

Open High Low Close Volume___
15.589 15.592 15.560 15.560 32

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 15.62 14.80 15.31
Volatility: 9 17 20
Volume: 3 1 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.

Summary

PREC.M.XAG= is currently 1.7% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 bullish on XAG= and have had this outlook for the last 28 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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