SILVER 1 OZ 999 NY (XAG=X) Prices Rally, Ignoring Rebounding U.S. Dollar
Gold and silver prices are moderately higher in early U.S. trading Thursday, despite a solid rebound in the U.S. dollar as the U.S. day session gets under way. Gold prices hit a four-week high and silver hit a seven-week high today. Bargain hunting in the cash market and short covering in the futures market are featured in both precious metals. August Comex gold futures were last up $11.60 an ounce at $1,312.90. July Comex silver was last up $0.284 at $17.275 an ounce.
The European Central Bank’s Governing Council Thursday left interest rates unchanged, as expected, but policymakers announced they envision ending the bond-buying program, which is referred to as quantitative easing (QE), at the end of 2018. “The Governing Council expects the key ECB interest rates to remain at their present levels at least through the summer of 2019 and in any case for as long as necessary to ensure that the evolution of inflation remains aligned with the current expectations of a sustained adjustment path,” said a policy statement from the ECB.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 16.70.
The projected upper bound is: 17.61.
The projected lower bound is: 16.68.
The projected closing price is: 17.15.
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 27 white candles and 23 black candles for a net of 4 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 77.6705. This is not an overbought or oversold reading. The last signal was a sell 0 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 69.17. 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 buy 129 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 158.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 23 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 6 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.132 at 17.132. Volume was 8,900% above average (trending) and Bollinger Bands were 14% wider than normal.
Open High Low Close Volume___
17.014 17.316 16.890 17.132 10,008
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 16.71 16.56 16.73
Volatility: 8 18 20
Volume: 1,001 200 50
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 2.4% above its 200-period moving average and is in an upward trend. Volatility is low 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 4 periods.
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