SILVER 1 OZ 999 NY (XAG=X) Target $17.23
Silver markets rallied significantly during the week, closing towards the top of the candle in a sign of strength. If we can break above the top of the candle, we should continue to go to the $17.23 level. This is a market that should continue to be noisy, but the $17.23 level above is massive resistance.
I think we will have a significant fight up there but given enough time I believe that silver will continue to climb, perhaps due to a falling US dollar longer-term, or perhaps even some type of geopolitical event.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 17.23.
The projected lower bound is: 16.26.
The projected closing price is: 16.74.
A white body occurred (because prices closed higher 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 26 white candles and 24 black candles for a net of 2 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 69.0967. This is not an overbought or oversold reading. The last signal was a buy 27 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 59.22. 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 125 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 148.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 19 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 0.074 at 16.736. Volume was -0% below average (neutral) and Bollinger Bands were 39% narrower than normal.
Open High Low Close Volume___
16.685 16.831 16.580 16.736 0
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 16.49 16.52 16.75
Volatility: 11 19 20
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 0.1% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 0 periods.
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