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SILVER 1 OZ 999 NY (XAG=X) Prices Weaker As Charts Still Bearish

SILVER 1 OZ 999 NY (XAG=X) Prices Weaker As Charts Still Bearish

Precious metals gold and silver were trading flat in the morning deals on Monday.

The $15.50 level has offered resistance though, and I think it represents a cluster of major supply. Because of this, I don’t know how much farther we go, at least in the short term.

The markets continue to be very volatile, but the US dollar has been overbought, so I think that our relief rally is coming rather soon in silver. I would be a buyer of dips, but maybe not right away. I think that the $15.30 level makes a much better level to start looking to get involved. In the short term, we may have some selling and you could take advantage of that if you are quick enough.

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 16.26.

The projected upper bound is: 15.84.

The projected lower bound is: 14.91.

The projected closing price is: 15.38.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 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 31.7209. 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 34.45. 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 1 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 -104.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 13 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 8 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed down -0.073 at 15.398. Volume was 8,900% above average (trending) and Bollinger Bands were 27% wider than normal.

Open High Low Close Volume___
15.480 15.559 15.320 15.398 9,294

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

Moving Averages: 10-period 50-period 200-period
Close: 15.64 16.24 16.57
Volatility: 19 18 20
Volume: 929 186 46

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 7.1% 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 21 periods.