Silver 1 OZ 999 NY (XAG=X) rallied as the statement by the Federal Reserve Chairman was released ahead of his testimony in front of Congress
Silver markets rallied a bit during the trading session after initially falling on Wednesday, slicing through the 200 day EMA. In fact, we even got above the $15.25 level during the height.
The market is reacting to the pre-release statement by Jerome Powell for his testimony in front of Congress. It looks as if the Federal Reserve is more than willing to cut interest rates, and if that’s going to be the case it should continue to drive precious metals higher.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 15.02.
The projected upper bound is: 15.64.
The projected lower bound is: 14.86.
The projected closing price is: 15.25.
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 30 white candles and 19 black candles for a net of 11 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 49.0077. This is not an overbought or oversold reading. The last signal was a sell 11 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 55.88. 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 13 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 -35. This is not a topping or bottoming area. The last signal was a buy 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 6 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.140 at 15.240. Volume was 8,900% above average (trending) and Bollinger Bands were 6% narrower than normal.
Open High Low Close Volume___
15.090 15.278 15.000 15.240 16,339
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.19 14.87 15.00
Volatility: 17 17 17
Volume: 1,634 327 82
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 1.6% above its 200-period moving average and is in an upward 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 bullish on XAG= and have had this outlook for the last 25 periods.