Silver 1 OZ 999 NY (XAG=X) traders continue to seek out fresh news to drive the market
Gold and silver prices are moderately lower in early-afternoon U.S. trading Thursday, with gold notching at three-week low. The metals are pressured today by a solid rally in the U.S. dollar index, which also hit a three-week high. Some technical selling is also occurring in gold and silver, as their near-term chart postures have deteriorated recently. February gold futures were last down $4.20 an ounce at $1,279.80. March Comex silver was down $0.075 at $15.30 an ounce.
In fundamental developments today, the European Central Bank’s regular monetary policy meeting ended with no change in policy, as expected. The metals did not significantly react to the news, or to ECB President Mario Draghi’s press conference.
Gold and silver traders continue to seek out fresh news to drive their markets. The partial U.S. government shutdown drags on, along with the lack of U.S. economic data to drive many markets. A top Trump administration economic advisor on Wednesday said the shutdown could prompt zero growth in the U.S. economy in the first quarter of 2019.
March silver futures prices closed near mid-range today. The silver bulls still have the slight overall near-term technical advantage, but are fading. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the January high of $15.955 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is seen at this week’s high of $15.445 and then at $15.60. Next support is seen at this week’s low of $15.195 and then at $15.05.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 16.17.
The projected lower bound is: 15.36.
The projected closing price is: 15.77.
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 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 79.9304. This is not an overbought or oversold reading. The last signal was a buy 3 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 64.23. 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 12 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 99. This is not a topping or bottoming area. The last signal was a buy 2 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 10 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.004 at 15.740. Volume was 8,900% above average (trending) and Bollinger Bands were 23% narrower than normal.
Open High Low Close Volume___
15.709 15.816 15.560 15.740 10,326
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.47 14.97 15.26
Volatility: 20 17 20
Volume: 1,033 207 52
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 3.2% above its 200-period moving average and is in an upward trend. Volatility is 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 35 periods.