Silver 1 OZ 999 NY (XAG=X) testing the $15.50 level
Silver markets have been all over the place on Thursday, as the markets have gotten quite a bit of mixed messages around the world. The United States released horrific numbers when it comes to retail sales and PMI figures, and at the same time we are trying to figure out what’s going to happen between the Americans and the Chinese. With that in mind, the currency markets have kicked around many other markets, showing signs of indecision.
We are sitting just below the 20 day EMA but are also supported by the 50 day EMA that has been sloping to the upside. Looking at the chart, I also recognize that the $15.50 level will of course attract a lot of attention. I believe that there is a significant amount of support just below not only because of the moving average, but also the cluster that was from a couple of weeks ago. If we can break above the top of the candle stick for the trading session on Thursday, then I think we probably go higher, perhaps reaching towards the $16 level. With that being the case, it’s likely that we will continue to see a “by on the dips” mentality, but that doesn’t necessarily mean that it’s going to be easy. At this point, I am sitting on the sidelines and waiting for some type of bounce or supportive candle that I can take advantage of.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 16.02.
The projected lower bound is: 15.24.
The projected closing price is: 15.63.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 6 black candles for a net of 3 black candles. During the past 50 bars, there have been 28 white candles and 21 black candles for a net of 7 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 31.4832. This is not an overbought or oversold reading. The last signal was a sell 8 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 50.26. 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 9 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 -123.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 8 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 6 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.045 at 15.610. Volume was 8,900% above average (trending) and Bollinger Bands were 12% wider than normal.
Open High Low Close Volume___
15.564 15.688 15.460 15.610 10,698
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.74 15.35 15.21
Volatility: 11 16 19
Volume: 1,070 214 53
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 2.6% above its 200-period moving average and is in an downward 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 out of XAG= (bearish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 2 periods.