Silver 1 OZ 999 NY (XAG=X) Prices Down As Risk Attitudes Still Upbeat
Gold and silver prices are moderately lower in early-afternoon U.S. trading Monday, on downside corrections following gains posted last Friday. Investor and traders are also still exhibiting keener risk appetites worldwide, which is also a negative for the safe-haven metals. April gold futures were last down $7.80 an ounce at $1,291.50. May Comex silver was last down $0.084 at $15.265 an ounce.
Traders and investors are mostly upbeat to start the trading week, following dour economic data out of the U.S. and China late last week. The U.S jobs report last Friday showed a sharp drop in the growth of non-farm payrolls, while China’s latest import and export numbers were down.
However, the U.S.-China trade talks appear to be moving closer to a formal agreement following a report over the weekend that the head of China’s central bank said his country will not devalue the yuan to boost China’s exports.
U.S. Federal Reserve Chairman Jerome Powell, in a rare TV interview on Sunday, reiterated the U.S. economic outlook is favorable and said there is no need to raise or lower interest rates at present.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 15.84.
The projected lower bound is: 15.00.
The projected closing price is: 15.42.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 91.6217. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 2 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 47.48. 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 27 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 -19. This is not a topping or bottoming area. The last signal was a buy 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 9 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.099 at 15.419. Volume was 8,900% above average (trending) and Bollinger Bands were 43% wider than normal.
Open High Low Close Volume___
15.310 15.427 15.280 15.419 6,577
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.29 15.62 15.13
Volatility: 22 17 19
Volume: 658 132 33
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 1.9% above its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 7 periods.