Silver 1 OZ 999 NY (XAG=X) prices see normal corrective pullbacks
Gold and silver prices prices are weaker in early U.S. trading Wednesday, on routine downside corrections amid price uptrends still firmly in place on the daily bar charts. Don’t be surprised to see the bulls step in to “buy the dips” at some point today, as risk appetite has decreased a bit at mid-week. December gold futures were last down $5.90 an ounce at 1,534.40. December Comex silver prices were last down $0.058 at $18.57 an ounce.
Asian and European stock markets were mostly down in overnight trading. U.S. stock indexes are pointed toward modestly lower openings when the New York day session begins.
Traders and investor risk sentiment has up-ticked at mid-week, mainly because of two developments on Tuesday. The first is the harsh rhetoric coming from President Trump in a speech to the United Nations assembly in New York Tuesday morning. Trump slammed China for its unfair trade practices and said the world is no longer embracing “globalization.” Trump said “nationalism” is the new bent among the major countries of the world. Trump’s strong words against China seemingly can’t help but decrease the odds of a substantial U.S.-China trade agreement anytime soon.
December silver futures bulls have the solid overall near-term technical advantage. A four-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 $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the September low of $17.47. First resistance is seen at this week’s high of $18.81 and then at $19.00. Next support is seen at Tuesday’s low of $18.315 and then at $18.25.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 18.91.
The projected lower bound is: 16.98.
The projected closing price is: 17.94.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 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 70.5754. 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 50.27. 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 14 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 32. This is not a topping or bottoming area. The last signal was a sell 0 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 12 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.675 at 17.905. Volume was -0% below average (neutral) and Bollinger Bands were 31% wider than normal.
Open High Low Close Volume___
18.620 18.681 17.800 17.905 0
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 18.00 17.40 15.76
Volatility: 43 34 23
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 13.6% above its 200-period moving average and is in an upward trend. Volatility is high 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 2 periods.
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