Silver 1 OZ 999 NY (XAG=X) solid losses are working against the safe-haven metals early today
Gold prices are modestly lower in early U.S. trading Wednesday. Stabilizing world equity markets and U.S. stock indexes that are set to rebound from Tuesday’s solid losses are working against the safe-haven metals early today. Gold and silver prices dropped to three-week lows Tuesday. The metals traders need a fresh fundamental spark to help drive price direction. February gold futures were last down $2.50 an ounce at $1,280.70. March Comex silver was up $0.02 at $15.345 an ounce.
European and Asian stock markets were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. U.S. and world stock markets were hit hard Tuesday on worries about slowing global economic growth and the ongoing trade war between the U.S. and China—the world’s two largest economies. Media reports on Tuesday that the U.S. cancelled a planned mid-level trade officials’ meeting set for this week were denied by the White House, which did allow the U.S. stock indexes to move off of their daily lows.
March silver futures bulls are fading. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $15.955 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is seen at $15.50 and then at $15.60. Next support is seen at the overnight low of $15.325 and then at Tuesday’s low of $15.195.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 15.74.
The projected lower bound is: 15.01.
The projected closing price is: 15.37.
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 27 white candles and 23 black candles for a net of 4 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 43.2090. This is not an overbought or oversold reading. The last signal was a buy 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 52.82. 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 10 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 -78. 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 8 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.003 at 15.350. Volume was 8,900% above average (trending) and Bollinger Bands were 29% narrower than normal.
Open High Low Close Volume___
15.351 15.361 15.340 15.350 25
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.45 14.92 15.27
Volatility: 11 16 19
Volume: 3 1 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 0.5% above its 200-period moving average and is in an upward 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 bullish on XAG= and have had this outlook for the last 33 periods.