Silver 1 OZ 999 NY (XAG=X) more upbeat trader and investor attitudes
Gold and silver prices are modestly up in early U.S. trading Tuesday, as Monday’s price weakness is reckoned to be a buying opportunity in markets that remain in solid uptrends and not far below their recent highs. More upbeat trader and investor attitudes early this week are limited the upside in the safe-haven metals, however. December gold futures were last up $2.70 an ounce at 1,514.20. September Comex silver prices were last up $0.04 at $16.98 an ounce.
September silver futures bulls have the solid overall near-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the August high of $17.49 an ounce.
The next downside price breakout objective for the bears is closing prices below solid support at $16.51. First resistance is seen at Monday’s high of $17.175 and then at $17.25. Next support is seen at Monday’s low of $16.82 and then at $16.685.
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 15.97.
The projected upper bound is: 17.73.
The projected lower bound is: 16.65.
The projected closing price is: 17.19.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 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 47.7954. This is not an overbought or oversold reading. The last signal was a sell 7 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 63.65. 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 51. This is not a topping or bottoming area. The last signal was a sell 2 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 sell 1 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.280 at 17.140. Volume was 8,900% above average (trending) and Bollinger Bands were 39% wider than normal.
Open High Low Close Volume___
16.865 17.186 16.835 17.140 16,783
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 17.05 15.91 15.28
Volatility: 29 21 18
Volume: 1,678 336 84
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 12.2% 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 into XAG= (bullish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 54 periods.
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