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Silver 1 OZ 999 NY (XAG=X) unable to convincingly break the 200-day moving average

Silver 1 OZ 999 NY (XAG=X) unable to convincingly break the 200-day moving average

Silver’s recent break above $15.00 did not for long as the 200-day moving average, currently around $15.05, continues to act as strong resistance to a move higher.

Silver has broken above the longer-dated moving average three times in the last two weeks but has been unable to close above the 200-dma. While this remains the case, silver will struggle to press higher.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 15.18.

The projected lower bound is: 14.46.

The projected closing price is: 14.82.

Candlesticks

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 28 white candles and 20 black candles for a net of 8 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 50.3657. This is not an overbought or oversold reading. The last signal was a buy 2 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 53.41. 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 20 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 41. This is not a topping or bottoming area. The last signal was a sell 5 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 buy 12 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed down -0.042 at 14.828. Volume was 8,900% above average (trending) and Bollinger Bands were 3% narrower than normal.

Open High Low Close Volume___
14.860 14.902 14.730 14.828 15,179

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

Moving Averages: 10-period 50-period 200-period
Close: 14.81 14.79 14.92
Volatility: 17 16 17
Volume: 1,518 304 76

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 0.6% 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 out of XAG= (bearish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 8 periods.

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