Silver 1 OZ 999 NY (XAG=X) prices lurched lower on a slump in demand by industrial units and coin makers
Gold prices fell in futures trade on Wednesday, hit by weak demand at the spot market and lacklustre trend in overseas markets.
In the global markets, gold fell on account of the dollar’s rise against its global peers. A strong dollar means gold price will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.
Silver prices also lurched lower on a slump in demand by industrial units and coin makers.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 15.70.
The projected lower bound is: 14.84.
The projected closing price is: 15.27.
A black body occurred (because prices closed lower 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 27 white candles and 22 black candles for a net of 5 white candles.
Separating lines occurred. If the lines occur during an uptrend and the first line is black and the second is white (which is not the case with PREC.M.XAG=) then this suggests that the uptrend should continue.
If the separating lines occur during a downtrend (which appears to be the case with PREC.M.XAG=) and the first line is white and the second is black (which is the case with PREC.M.XAG=) then this suggests that the downtrend should continue.
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 63.9182. This is not an overbought or oversold reading. The last signal was a sell 4 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 44.84. 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 33 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 30. This is not a topping or bottoming area. The last signal was a buy 8 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 3 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.070 at 15.280. Volume was 8,900% above average (trending) and Bollinger Bands were 19% wider than normal.
Open High Low Close Volume___
15.330 15.375 15.240 15.280 4,881
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.31 15.58 15.09
Volatility: 19 18 19
Volume: 488 98 24
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% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect very strong flows of volume out of XAG= (bearish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 13 periods.