Silver 1 OZ 999 NY (XAG=X) in a tightening range of consolidation

Silver 1 OZ 999 NY (XAG=X) in a tightening range of consolidation

Silver 1 OZ 999 NY (XAG=X) in a tightening range of consolidation

Silver markets have gone back and forth during the day on Monday, testing both the 50 and the 200 day EMA. Because of this, and the fact that we are just above the $15.00 level, the market looks as if it is in a tightening range of consolidation.

If we can break out above the 200 day EMA, which is pictured in blue, then the market probably goes looking towards the $15.50 level above. Alternately, if we were to break down below the 50 day EMA which is subsequently at the $15.00 level, then the market could start to unwind towards the $14.75 level.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 15.02.

The projected upper bound is: 15.43.

The projected lower bound is: 14.63.

The projected closing price is: 15.03.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 20 black candles for a net of 9 white candles.

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 35.5003. This is not an overbought or oversold reading. The last signal was a sell 9 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 48.54. 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 11 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 -152.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. 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 4 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.055 at 15.025. Volume was -0% below average (neutral) and Bollinger Bands were 16% wider than normal.

Open High Low Close Volume___
14.999 15.119 14.920 15.025 0

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

Moving Averages: 10-period     50-period     200-period
Close: 15.22 14.86 14.99
Volatility: 16 17 17
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.

Summary

PREC.M.XAG= is currently 0.2% 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 23 periods.

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