Silver 1 OZ 999 NY (XAG=X) pressured a bit by upbeat attitudes among traders and investors to start the week
Gold prices are just modestly lower in early U.S. trading Monday. The safe-haven metals are pressured a bit by upbeat attitudes among traders and investors to start the week. April gold futures were last down $1.70 an ounce at $1,331.10. March Comex silver was last down $0.034 at $15.88 an ounce.
Asian and European stock markets were mostly up overnight, with China’s shares sharply higher and posting their biggest gains in almost four years. U.S. stock indexes are also pointed toward higher openings when the New York day session begins. Traders and investors worldwide are cheered by the substantial progress achieved in the U.S.-China trade talks that have been going on the past few weeks. On Sunday, President Trump tweeted that he is delaying the originally imposed early-March deadline for new U.S. tariffs on China’s imports, because of the progress made so far.
In overnight news, Atlanta Federal Reserve president Raphael Bostic said he expects one U.S. interest rate hike in 2019 and one in 2020. He told the Wall Street Journal that the U.S. economy is strong at present, but there is also keener uncertainty about future growth prospects.
May silver futures bulls have the overall near-term technical advantage. A 3.5-month-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $16.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the February low of $15.545. First resistance is seen at the overnight high of $16.06 and then at the February high of $16.295. Next support is seen at $15.85 and then at $15.75.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 16.31.
The projected lower bound is: 15.53.
The projected closing price is: 15.92.
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 29 white candles and 20 black candles for a net of 9 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 37.5000. This is not an overbought or oversold reading. The last signal was a sell 3 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 56.63. 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 17 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 56. This is not a topping or bottoming area. The last signal was a sell 3 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 buy 4 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.003 at 15.892. Volume was 8,900% above average (trending) and Bollinger Bands were 37% narrower than normal.
Open High Low Close Volume___
15.888 15.893 15.870 15.892 17
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.83 15.56 15.19
Volatility: 14 16 19
Volume: 2 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 4.6% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 1 periods.
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