Silver 1 OZ 999 NY (XAG=X) some safe-haven buying interest
Gold prices are holding mild gains in early-aftgernoon U.S. trading Monday, in a quieter, choppy and two-sided session. Some safe-haven buying interest was featured as world stock markets started out the trading week lower on some very weak economic data coming out of China. However, U.S. stock indexes significantly pared overnight losses by midday today and were just slightly down, which did prompt the gold market to back down from its daily high. February gold futures were last up $2.30 an ounce at $1,291.80. March Comex silver was last up $0.019 at $15.675 an ounce.
European and Asian stock markets were also lower overnight, as there is keener risk aversion in the market place to start the trading week, following the downbeat economic news coming out of China. China’s exports in December were down a surprising 4.4%, year-on-year. Exports were up 5.4% in November. China’s imports fell 7.6% in the same period. In past months both imports and exports saw double-digit gains. The trade war with the U.S. has really hurt China’s economy, the latest import and export numbers suggest. Such will likely embolden the U.S. is its trade posture against China. Last week the two sides met in Beijing and are scheduled to meet next in the U.S.
March silver prices closed near the session high. The silver bulls have the overall near-term technical advantage. A two-month-old price uptrend is in place on the daily bar chart. A bullish pennant pattern has also formed on the daily chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $16.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.25. First resistance is seen at last week’s high of $15.88 and then at the January high of $15.955. Next support is seen at last week’s low of $15.56 and then at $15.385.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 15.10.
The projected upper bound is: 16.03.
The projected lower bound is: 15.25.
The projected closing price is: 15.64.
A black body occurred (because prices closed lower 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 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 46.9681. This is not an overbought or oversold reading. The last signal was a sell 6 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 65.65. 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 3 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 45. This is not a topping or bottoming area. The last signal was a sell 6 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 1 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.029 at 15.620. Volume was 8,900% above average (trending) and Bollinger Bands were 94% wider than normal.
Open High Low Close Volume___
15.649 15.650 15.610 15.620 23
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.64 14.76 15.32
Volatility: 12 17 20
Volume: 2 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 2.0% above its 200-period moving average and is in an upward trend. Volatility is low 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 26 periods.
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