Silver 1 OZ 999 NY (XAG=X) position taking and evening from the futures traders ahead of speeches coming from central bankers
Gold and silver prices are lower in early U.S. trading Thursday, as trader and investor risk aversion is not keen. The metals could also be seeing some position evening from the futures traders ahead of speeches coming from central bankers of the world at the Jackson Hole, Wyoming Federal Reserve symposium that begins today. December gold futures were last down $12.10 an ounce at 1,503.50. September Comex silver prices were last down $0.171 at $16.98 an ounce.
Fed Chairman Jerome Powell is set to give a speech at the Jackson Hole confab on Friday. The Fed and the ECB are leaning easy on their monetary policies. Traders today are awaiting the minutes of the July meeting of the European Central Bank.
Global stock markets were mixed in overnight trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Some very slight risk aversion has returned to the marketplace amid new tensions between China and the U.S. China said it would sanction U.S. firms involved in a sale of U.S. fighter jets to Taiwan.
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 this week’s high of $17.175 and then at $17.25. Next support is seen at this week’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 15.99.
The projected upper bound is: 17.60.
The projected lower bound is: 16.51.
The projected closing price is: 17.05.
A black body occurred (because prices closed lower 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 30 white candles and 20 black candles for a net of 10 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 47.6716. 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 60.12. 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 4 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 29. This is not a topping or bottoming area. The last signal was a sell 4 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 3 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.100 at 17.010. Volume was -0% below average (neutral) and Bollinger Bands were 38% wider than normal.
Open High Low Close Volume___
17.125 17.142 16.890 17.010 0
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 17.06 15.99 15.31
Volatility: 17 21 18
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.
PREC.M.XAG= is currently 11.1% 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 56 periods.
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