Silver 1 OZ 999 NY (XAG=X) resistance barrier at $17
I believe that the $17 level will probably be targeted, because we have the resistance barrier up there which is the top of the overall consolidation. I think that this market will continue to be very noisy and erratic, as silver typically is. Remember that this pair will quite often move in concert with whatever’s going on with the US dollar, as it is completely negatively correlated most of the time. The US dollar has been under a bit of pressure, so it makes sense that the silver market should rally.
However, if we break down below the 50 day EMA, then we could fall back down towards the $14 handle. If that level were to break down, that would be a very negative sign to say the least. Regardless though, I think that the buyers are going to continue to try to take over this market and push to the upside. I like buying dips on short-term charts.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 14.72.
The projected upper bound is: 15.68.
The projected lower bound is: 14.79.
The projected closing price is: 15.23.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black 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 82.9199. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 20 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 68.32. 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 80 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 265.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 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 17 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.187 at 15.219. Volume was 8,900% above average (trending) and Bollinger Bands were 13% wider than normal.
Open High Low Close Volume___
15.031 15.271 14.900 15.219 11,353
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.76 14.50 15.37
Volatility: 19 20 20
Volume: 1,135 227 57
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 1.0% below 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 13 periods.