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SILVER 1 OZ 999 NY (XAG=X) Priced Focused on the Dollar this Week

SILVER 1 OZ 999 NY (XAG=X) Priced Focused on the Dollar this Week

The price of precious metals fell week-on-week for the second consecutive week in the period between July 15 and 20 due to strengthening of the dollar and drop in oil prices.

Metals traders will remain focused on the dollar this week after comments by U.S. President Donald on interest rates stalled a rally in the greenback on Friday, offering some relief to gold, which recovered from one-year lows.

Investors will also be looking ahead to Friday’s U.S. GDP report to see how the economy performed in the second quarter. The data is expected to show that growth rebounded in the three months to June, boosted by an increase in consumer spending.

The stronger dollar makes gold more expensive for buyers with other currencies. Higher interest rates are also a threat to gold because they tend to boost the dollar and raise the opportunity cost of holding non-yielding bullion.

Overall, the bias in prices is: Downwards.

Note: this shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 16.29.

The projected upper bound is: 15.92.

The projected lower bound is: 14.98.

The projected closing price is: 15.45.

Candlesticks

A white body occurred (because prices closed higher 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 22 white candles and 28 black candles for a net of 6 black candles.

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 28.1010. This is not an overbought or oversold reading. The last signal was a buy 0 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 35.92. This is not a topping or bottoming area. However, the RSI just crossed above 30 from a bottoming formation. This is a bullish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 0 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 -135.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 12 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 7 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.209 at 15.471. Volume was -0% below average (neutral) and Bollinger Bands were 28% wider than normal.

Open High Low Close Volume___
15.297 15.540 15.210 15.471 0

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 15.71 16.26 16.58
Volatility: 20 18 20
Volume: 0 0 0

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 6.7% 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 into XAG= (bullish). Our trend forecasting oscillators are currently bearish on XAG= and have had this outlook for the last 20 periods.