Silver 1 OZ 999 NY (XAG=X) fall on muted demand
Gold and silver prices declined in futures trade on Monday, hit by a slump in demand from local jewellers and coin makers at the spot market and subdued global cues.
Gold prices slipped on Monday in global markets as well as risk aversion waned with the progress in US-China trade talks, while a firm dollar kept the bullion under pressure, Reuters reported.
A strong dollar means gold price will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.
Silver price fell on reduced orders from industrial units and coin makers.
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 15.30.
The projected upper bound is: 16.17.
The projected lower bound is: 15.37.
The projected closing price is: 15.77.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white 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 59.3705. This is not an overbought or oversold reading. The last signal was a sell 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 57.32. 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 1 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 52. This is not a topping or bottoming area. The last signal was a sell 0 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 3 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.171 at 15.740. Volume was 8,900% above average (trending) and Bollinger Bands were 11% wider than normal.
Open High Low Close Volume___
15.896 15.928 15.710 15.740 4,023
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.71 15.13 15.24
Volatility: 20 17 19
Volume: 402 80 20
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 3.3% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect very strong flows of volume out of XAG= (bearish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 40 periods.
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