Silver 1 OZ 999 NY (XAG=X) seems in a hurry to go nowhere
Once again gold and silver seem in a hurry to go nowhere. They are both continuing their rotations before they head lower to their ultimate support levels, which are $1,280 in gold and $14.60 in silver.
Notice how fast the markets can change. Just a few weeks ago, the metals were on the verge of breaking out to the upside. Here they are now hanging on for dear life without collapsing. This is the area where most traders and investors get fooled and usually trapped in a bad position.
Investors should not be concerned. You bought the metals as a long-term investment and history tells us they will rally again and increase in value over time. It’s the traders who get themselves into trouble here trying to guess the next move without simply watching the market footprint.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 15.32.
The projected upper bound is: 15.47.
The projected lower bound is: 14.67.
The projected closing price is: 15.07.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 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 64.2026. This is not an overbought or oversold reading. The last signal was a buy 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 40.72. 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 45 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 -58. This is not a topping or bottoming area. The last signal was a buy 2 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 down -0.065 at 15.080. Volume was -0% below average (neutral) and Bollinger Bands were 34% narrower than normal.
Open High Low Close Volume___
15.130 15.206 15.050 15.080 0
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.20 15.52 15.02
Volatility: 14 16 19
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 0.4% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect very strong flows of volume into XAG= (bullish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 25 periods.