SILVER 1 OZ 999 NY (XAG=X) solid technical resistance at $15.00

SILVER 1 OZ 999 NY (XAG=X) solid technical resistance at $15.00

SILVER 1 OZ 999 NY (XAG=X) solid technical resistance at $15.00

Gold and silver prices are moderately higher in early U.S. trading Tuesday, boosted by a sharp drop in the U.S. dollar index today. December gold futures were last up $7.10 an ounce at $1,233.40. December Comex silver was last up $0.175 at $14.675 an ounce.

December silver futures bears have the overall near-term technical advantage. However, recent price action suggests a market bottom is in place. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the September low of $13.965. First resistance is seen at $14.95 and then at $15.00. Next support is seen at the overnight low of $14.475 and then at last week’s low of $14.24.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 15.02.

The projected lower bound is: 14.13.

The projected closing price is: 14.58.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 18 white candles and 31 black candles for a net of 13 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 52.7472. 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 51.33. 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 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 -1. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 7 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.050 at 14.582. Volume was 8,900% above average (trending) and Bollinger Bands were 50% narrower than normal.

Open High Low Close Volume___
14.533 14.720 14.460 14.582 12,305

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 14.55 14.42 15.74
Volatility: 25 20 20
Volume: 1,231 246 62

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.

Summary

PREC.M.XAG= is currently 7.3% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 0 periods.

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