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Silver (XAG=X) Technical Analysis by Knightsbridge Live

$XAG #Silver #FX #Commodities #Trading #Markets #Metals

Silver
Ticker: XAG=
Price: $23.22

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No breakout yet in the silver prices which currently stick near the bottom of the triangle. Traders will observe the price reaction from the bottom of the triangle for now. If the price could close outside of the triangle pattern then traders will expect further bearish continuation toward $21.35 and $20.00. On the other hand, a bounce from the current level will lead the price to continue its ranging movement.

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Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 23.73.

The projected upper bound is: 25.12.

The projected lower bound is: 21.17.

The projected closing price is: 23.15.

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 26 white candles and 24 black candles for a net of 2 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 26.5525. This is not an overbought or oversold reading. The last signal was a buy 1 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 39.84. 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 46 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 -118.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 14 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 6 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed down -0.230 at 23.220. Volume was 8,900% above average (trending) and Bollinger Bands were 50% narrower than normal.

Open    High    Low     Close     Volume
23.250  23.320  23.150  23.220    2,924
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period    50-period     200-period
Close:           23.86        24.09         20.54
Volatility:      18           52            58
Volume:          292          58            15

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 13.1% 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 out of XAG= (bearish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 4 periods. The security price has set a new 14-period low while our momentum oscillator has not. This is a bullish divergence.

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