Silver 1 OZ 999 NY (XAG=X) under pressure
Gold and silver prices are modestly lower in midday trading Thursday, but have moved up from their daily lows that pushed both markets to more-than-three-month lows early on. An upbeat U.S. economic report released this morning bolstered the keener trader and investor risk appetite that is keeping safe-haven gold and silver markets under pressure. A higher U.S. dollar index today is also a bearish element for the precious metals markets. June gold futures were last down $3.20 an ounce at $1,292.10. May Comex silver was last down $0.042 at $15.06 an ounce.
May silver futures bears have the slight overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $15.65 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at this week’s high of $15.19 and then at 15.315. Next support is seen at the overnight low of $14.86 and then at $14.75.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 15.34.
The projected upper bound is: 15.58.
The projected lower bound is: 14.70.
The projected closing price is: 15.14.
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 29 white candles and 20 black candles for a net of 9 white candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 53.5581. 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 42.87. 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 44 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 -86. This is not a topping or bottoming area. The last signal was a buy 1 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 5 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed up 0.010 at 15.145. Volume was -0% below average (neutral) and Bollinger Bands were 38% narrower than normal.
Open High Low Close Volume___
15.120 15.170 14.880 15.145 0
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 15.23 15.54 15.03
Volatility: 14 18 19
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 0.8% above its 200-period moving average and is in an downward trend. Volatility is low 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 bearish on XAG= and have had this outlook for the last 24 periods.
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