Silver 1 OZ 999 NY (XAG=X) price action going lower
The silver price rose and fell a nickel or so in morning trading in the Far East on their Friday — and then didn’t do much of anything until after the noon silver fix was put to bed in London. It began to head lower from there — and there was a rather vicious down/up price spike at the 8:20 a.m. EDT COMEX open, with the subsequent rally being capped minutes before 9 a.m. It was sold lower going into the afternoon gold fix in London — and then crawled very quietly and unevenly higher until COMEX trading ended at 1:00 p.m. EDT. Most of that tiny gain disappeared by the time trading ended at 5:00 p.m. in New York.
The price shenanigans at the COMEX open, only occurred in the spot month — and the low and high ticks aren’t worth looking up in this precious metal, either.
Silver was closed at $14.735 spot, up 1.5 cents from Thursday. Net volume was very quiet at around 41,400 contracts — and there was just under 4,600 contracts worth of roll-over/switch volume on top of that.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 15.11.
The projected lower bound is: 14.37.
The projected closing price is: 14.74.
During the past 10 bars, there have been 3 white candles and 6 black candles for a net of 3 black candles. During the past 50 bars, there have been 27 white candles and 21 black candles for a net of 6 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 51.4522. This is not an overbought or oversold reading. The last signal was a buy 29 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 40.95. 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 70 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 -69. This is not a topping or bottoming area. The last signal was a buy 5 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 down -0.005 at 14.750. Volume was -0% below average (neutral) and Bollinger Bands were 49% narrower than normal.
Open High Low Close Volume___
14.750 14.836 14.710 14.750 0
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.82 15.09 14.93
Volatility: 18 15 19
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 1.2% below its 200-period moving average and is in an downward 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 bearish on XAG= and have had this outlook for the last 50 periods.