Silver 1 OZ 999 NY (XAG=X) snapping two weeks of losses
This week gold prices are likely to remain sensitive due to the ongoing trade talks between the U.S. and China, while U.S. economic data will also be closely watched for its impact on the greenback, one of the biggest drivers for the precious metal.
On Friday U.S. President Donald Trump said he was open to extending the March 1 deadline for hiking tariffs on $200 billion worth of Chinese goods to 25% as long as progress was being made in negotiations between the two sides.
While the trade talks continue Trump is set to hold a second summit meeting with North Korean leader Kim Jong Un on Wednesday and Thursday in Hanoi.
Data on U.S. fourth-quarter gross domestic product is due to be released on Thursday. The release of the report was delayed by the 35-day partial government shutdown.
Figures on personal consumption expenditure, the Fed’s preferred inflation gauge, are scheduled to be released on Friday. Other economic data releases of note this week include housing starts and building permits on Tuesday and consumer sentiment and manufacturing on Friday.
The data will be closely watched after recent U.S. reports on durable goods, retail sales and existing home sales all disappointed.
Silver was up 0.72% to $15.92 a troy ounce, snapping two weeks of losses.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 16.34.
The projected lower bound is: 15.54.
The projected closing price is: 15.94.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 29 white candles and 20 black candles for a net of 9 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 55.5499. This is not an overbought or oversold reading. The last signal was a sell 1 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 57.64. 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 15 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 71. This is not a topping or bottoming area. The last signal was a sell 1 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 2 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.101 at 15.916. Volume was -0% below average (neutral) and Bollinger Bands were 37% narrower than normal.
Open High Low Close Volume___
15.811 15.976 15.759 15.916 0
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.79 15.50 15.20
Volatility: 15 17 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 4.7% 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 8 periods.
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