Silver 1 OZ 999 NY (XAG=X) firmly higher lifted in part by the U.S. dollar index
Gold and silver prices are firmly higher in early U.S. trading Thursday, lifted in part by the U.S. dollar index that is selling off again today. Chart-based buying is also featured in both metals as their technical postures have markedly improved this week. Ideas of more accommodative global monetary policies amid slowing world economic growth remain supportive elements for the safe-haven metals. August gold futures were last up $8.50 an ounce at $1,342.10. July Comex silver prices were last up $0.184 at $14.975 an ounce.
European stock indexes were mostly firmer overnight, while Asian shares were mostly weaker. U.S. stock indexes are pointed toward higher openings when the New York day session begins. The U.S. indexes are posting solid gains this week after hitting three-month lows on Monday.
The European Central Banks left interest rates unchanged at its regular monetary policy meeting that just concluded. The ECB did extend the length of time that bank officials expect rates to remain at current levels. The interest rate on the main refinancing operations and the rates on the marginal lending facility and deposit facility will remain at 0.00%, 0.25% and minus 0.40%, respectively. As usual, traders are closely monitoring ECB President Mario Draghi’s remarks at his press conference.
There are hopes in the marketplace that the U.S. trade tariff threats against Mexico, set to go into effect soon, can be withdrawn as Mexican and U.S. officials are presently meeting to discuss more Mexican participation in curbing illegal immigrants from crossing the Mexican border into the U.S. Also, some Republican members of Congress are pushing back on President Trump’s use of trade tariffs to achieve his non-trade goals.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 15.16.
The projected lower bound is: 14.50.
The projected closing price is: 14.83.
A white body occurred (because prices closed higher 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 29 white candles and 19 black candles for a net of 10 white 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 73.8128. 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 56.16. 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 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 142.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 10 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 5 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.032 at 14.830. Volume was 8,900% above average (trending) and Bollinger Bands were 15% narrower than normal.
Open High Low Close Volume___
14.807 14.995 14.720 14.830 14,389
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.62 14.83 14.90
Volatility: 14 14 18
Volume: 1,439 288 72
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 0.5% below 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 out of XAG= (bearish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 1 periods.
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