SILVER 1 OZ 999 NY (XAG=X) market tests major moving average
The Silver markets rallied a bit during the trading session on Tuesday, testing the 50 EMA. So far, it has held as resistance but clearly the market looks as if it is trying to turn to the upside, and of course the Gold markets have already broken above that level.
Silver markets broke higher during the trading session on Tuesday, breaking above the 50 EMA. At this point, it looks as if the market is probably going to try to reach the $15 level which I see as a massive barrier. Gold markets have already turned higher and above the 50 EMA, and it looks as if silver is trying to do the same thing. However, I recognize that the $15 level is going to be a massive barrier to overcome, so I think it’s going to be difficult to break out. I do expect it to do so though, but it may take several attempts.
At this point, I suspect that buying silver in little increments will probably be the best way to do, building up a larger position for a longer-term trade. I like buying physical silver and continue to do so as well as a longer-term investment. At this point, the safety trade continues to help precious metals.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 15.16.
The projected lower bound is: 14.30.
The projected closing price is: 14.73.
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 21 white candles and 28 black candles for a net of 7 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 67.3436. This is not an overbought or oversold reading. The last signal was a buy 9 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 58.37. 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 35 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 105.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 13 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 29 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.005 at 14.722. Volume was 8,900% above average (trending) and Bollinger Bands were 43% narrower than normal.
Open High Low Close Volume___
14.748 14.804 14.630 14.722 7,956
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.62 14.45 15.87
Volatility: 13 19 20
Volume: 796 159 40
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 7.2% 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 into XAG= (bullish). Our trend forecasting oscillators are currently bullish on XAG= and have had this outlook for the last 19 periods.