SILVER 1 OZ 999 NY (XAG=X) bulls are working on restarting a price uptrend
Gold prices are slightly higher in early-afternoon U.S. trading Thursday. Some mild safe-haven buying is being offset by solid gains in U.S. stock indexes at midday. However, nobody knows what late-session twists and turns the stock market will make. December gold futures were last up $1.40 an ounce at $1,232.40. December Comex silver was last down $0.041 at $14.635 an ounce.
The silver bears have the overall near-term technical advantage. However, the bulls are working on restarting a price uptrend on the daily chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing December prices below solid support at the September low of $13.965. First resistance is seen at last week’s high of $14.88 and then at the October high of $14.95. Next support is seen at this week’s low of $14.54 and then at last week’s low of $14.47.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 15.00.
The projected lower bound is: 14.16.
The projected closing price is: 14.58.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 20 white candles and 29 black candles for a net of 9 black 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 58.3554. This is not an overbought or oversold reading. The last signal was a buy 10 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 52.00. 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 36 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 51. This is not a topping or bottoming area. The last signal was a sell 14 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 buy 30 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.063 at 14.580. Volume was 8,900% above average (trending) and Bollinger Bands were 54% narrower than normal.
Open High Low Close Volume___
14.673 14.778 14.550 14.580 11,838
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.62 14.45 15.86
Volatility: 8 19 20
Volume: 1,184 237 59
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 8.0% 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 20 periods.