Home Commodities Silver 1 OZ 999 NY (XAG=X) market awaits the Federal Reserve decision

Silver 1 OZ 999 NY (XAG=X) market awaits the Federal Reserve decision

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Silver 1 OZ 999 NY (XAG=X) market awaits the Federal Reserve decision

Silver markets went back and forth during the trading session on Monday as we continue to tread water just below the $16.50 level. That is an area that of course is significant resistance, as the market does tend to move in $0.25 and $0.50 increments.

With that in mind, I believe that the $16.00 level underneath is massive support as well, so I’m looking for some type of pullback towards that area to get involved. That would represent value to me, and I would be more than willing to jump in and take advantage of set ups that form in that level.

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 15.54.

The projected upper bound is: 16.89.

The projected lower bound is: 16.01.

The projected closing price is: 16.45.

Candlesticks

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 34 white candles and 16 black candles for a net of 18 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 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 54.6077. This is not an overbought or oversold reading. The last signal was a sell 1 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 69.72. 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 2 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 63. This is not a topping or bottoming area. The last signal was a sell 2 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 buy 9 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.021 at 16.408. Volume was 8,900% above average (trending) and Bollinger Bands were 189% wider than normal.

Open     High      Low     Close     Volume___
16.394 16.466 16.300 16.408 10,571
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 16.26 15.21 15.10
Volatility: 22 18 18
Volume: 1,057 211 53

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 8.7% above its 200-period moving average and is in an upward trend. Volatility is high 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 38 periods.

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