Silver 1 OZ 999 NY (XAG=X) Markets Continue To Show Plenty Of Volatility

Silver 1 OZ 999 NY (XAG=X) Markets Continue To Show Plenty Of Volatility

Silver 1 OZ 999 NY (XAG=X) Markets Continue To Show Plenty Of Volatility

Silver markets went back and forth during the course of the week, eventually settling on a relatively unchanged candle. By forming the massive shooting star that we have, it shows that the previous uptrend line is in fact trying to keep this market down.

If we can break down below the bottom of the candlestick then it’s very likely that the silver markets will pullback, perhaps even as low as the $17.00 level. Otherwise, if we can break above the $19.00 level, that would be an extraordinarily bullish sign and could send this market looking towards the $20.00 level above, which is just above where we are been beaten back.

Technical Indicators

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 17.55.

The projected upper bound is: 18.64.

The projected lower bound is: 17.54.

The projected closing price is: 18.09.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 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 24.1007. 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 61.67. 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 30. This is not a topping or bottoming area. The last signal was a sell 1 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 20 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.193 at 18.092. Volume was -0% below average (neutral) and Bollinger Bands were 20% wider than normal.

Open     High      Low     Close     Volume___
17.899 18.149 17.800 18.092 0
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 18.02 17.29 16.49
Volatility: 18 20 24
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 9.7% 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 15 periods.

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