Silver 1 OZ 999 NY (XAG=X) the $15.25 level is a support area

Silver 1 OZ 999 NY (XAG=X) the $15.25 level is a support area

Silver 1 OZ 999 NY (XAG=X) the $15.25 level is a support area

Silver markets fell a bit during the trading session on Thursday, reaching down to fill the gap again. That being the case, the $15.25 level is a support area, but if we do break down below there it’s likely that we will test the 200 day EMA underneath which is colored in blue.

That being the case, I suspect that the buyers could return but let us not forget that we have a massive gap underneath that hasn’t quite been filled yet, stretching down to the $15.00 level. Ultimately, this is a market that is going to be driven by the US dollar which of course is going to be driven by the jobs number on Friday.

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 15.02.

The projected upper bound is: 15.67.

The projected lower bound is: 14.90.

The projected closing price is: 15.29.

Candlesticks

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 29 white candles and 20 black candles for a net of 9 white 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 71.6309. This is not an overbought or oversold reading. The last signal was a sell 7 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 58.49. 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 29. This is not a topping or bottoming area. The last signal was a sell 6 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 2 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed down -0.020 at 15.280. Volume was 8,900% above average (trending) and Bollinger Bands were 27% wider than normal.

Open High Low Close Volume___
15.318 15.333 15.180 15.280 13,294

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

Moving Averages: 10-period     50-period     200-period
Close: 15.30 14.86 14.99
Volatility: 12 17 18
Volume: 1,329 266 66

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 1.9% above its 200-period moving average and is in an upward trend. Volatility is high 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 bullish on XAG= and have had this outlook for the last 21 periods.

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