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Silver
Ticker: XAG=
Price: $23.99
Silver News
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The presidential win by Democrat Joe Biden may usher in a new era for government policies, from taxes to trade to energy.
Indeed, Biden’s energy platform and priorities would look very different from Trump’s.
Silver is up 35% this year. Here’s why it could go even higher next year.
During his campaign, Biden released an ambitious green energy agenda, which if even partially enacted could unleash a new uptrend in the silver market. In recent months, Biden called for a “carbon pollution-free power sector by 2035.” A development like this would require a massive acceleration in renewable wind and solar power here in the United States.
If Biden gains traction on goals to stem global warming, silver stands to gain.
Why? Silver is a key ingredient used in solar panels. The metal, which already traded at a six-year high in 2020, could see new industrial demand in a green energy push – amid a tightening supply situation – which could send prices soaring.
Industrial demand for silver in solar panels is not a new trend. It’s been growing in recent years. For example, silver’s use in photovoltaics increased by 7% in 2019 and is forecast to continue to move higher as governments turn to renewable energy sources like solar.
Yet, an official move toward the wider use of solar power as imagined in Biden’s plan could double silver’s price, Peter Thomas, a senior vice president at Chicago-based broker Zaner Group told Bloomberg earlier this year.
Analysts at Bank of America echoed this outlook in a research note.
“Industrial demand ultimately moves the needle” for silver prices, according to a team of Bank of America strategists led by Michael Widmer.
Silver has already surged over 60% this year, hitting an August high over $28.00 an ounce as investors turned to the precious metal as a safe-haven.
Adding additional industrial demand for larger use of solar energy would catapult silver prices even higher.
$26.87 an ounce as investors flocked to the precious metal as an alternative store of value during the COVID-19 pandemic.
An increase in industrial applications of silver, however, would catapult prices even higher.
The bank forecast that annual silver demand–currently at 2,285 tonnes–could climb 87% over the next 15 years if the U.S. energy sector accelerated its move to renewable energy.
Bank of America analysts say that a “green stimulus” under a Biden presidency could drive silver to $35 an ounce in 2021. And over the medium term, silver could take a run at the $50.00 an ounce level.
Technical Indicators
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 23.64.
The projected upper bound is: 25.79.
The projected lower bound is: 22.24.
The projected closing price is: 24.02.
Candlesticks
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 89.2645. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 6 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 50.37. 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 51 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 44. This is not a topping or bottoming area. The last signal was a buy 3 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 1 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.072 at 23.993. Volume was 8,900% above average (trending) and Bollinger Bands were 50% narrower than normal.
Open High Low Close Volume 24.070 24.100 23.920 23.993 2,802
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 23.50 24.10 20.69 Volatility: 45 47 58 Volume: 280 56 14
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 16.0% 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 9 periods.
Silver (XAG=X) Price Forecast to $50 added by HEFFX on
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