SILVER 1 OZ 999 NY (XAG=X) no change in U.S. monetary policy
Gold and silver prices are just modestly lower in early-afternoon U.S. trading Thursday. A rebound in the U.S. dollar index today, following selling pressure this week, worked against the precious metals market bulls. The metals markets showed no significant reactions to the just-released FOMC minutes that show no change in U.S. monetary policy. December gold futures were last down $2.50 an ounce at $1,226.30. December Comex silver was last down $0.129 at $14.43 an ounce.
Technically, the gold bulls and bears are on a level overall near-term technical playing field. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the October high of $1,246.00. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at last week’s low of $1,213.40. First resistance is seen at $1,230.00 and then at this week’s high of $1,238.40. First support is seen at today’s low of $1,220.80 and then at $1,213.40.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 14.86.
The projected lower bound is: 13.98.
The projected closing price is: 14.42.
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 18 white candles and 31 black candles for a net of 13 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 38.2068. This is not an overbought or oversold reading. The last signal was a buy 5 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 45.94. 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 -98. This is not a topping or bottoming area. The last signal was a sell 3 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 8 period(s) ago.
Rex Takasugi – TD Profile
PREC.M.XAG= closed down -0.148 at 14.420. Volume was 8,900% above average (trending) and Bollinger Bands were 47% narrower than normal.
Open High Low Close Volume___
14.563 14.589 14.340 14.420 11,164
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 14.53 14.41 15.72
Volatility: 26 20 20
Volume: 1,116 223 56
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 8.3% below 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 1 periods.