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SILVER 1 OZ 999 NY (XAG=X) remain firmly bearish

SILVER 1 OZ 999 NY (XAG=X) remain firmly bearish

After peaking at $17.55 in January, silver prices are now down 12% and into what’s widely considered correction territory.

Silver has now dipped below its December low and matched its low of July last year.

That could be a sign of a double bottom, so we may have seen the worst of this correction already.

Silver prices are narrowly mixed in subdued early-afternoon U.S. trading Tuesday. Some mild short covering by the shorter-term futures traders is featured in both markets today, to limit the downside.

Still, the lack of major market news events in the world at present is allowing the -based traders to dominate—and the technicals for both gold and silver remain firmly bearish.

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 16.24.

The projected upper bound is: 15.88.

The projected lower bound is: 14.97.

The projected closing price is: 15.43.

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 23 white candles and 27 black candles for a net of 4 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 45.4313. This is not an overbought or oversold reading. The last signal was a buy 2 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 36.63. 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 2 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 -81. This is not a topping or bottoming area. The last signal was a buy 0 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 9 period(s) ago.

Rex Takasugi – TD Profile

PREC.M.XAG= closed up 0.073 at 15.441. Volume was -0% below average (neutral) and Bollinger Bands were 25% wider than normal.

Open High Low Close Volume___
15.368 15.594 15.300 15.441 0

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

Moving Averages: 10-period 50-period 200-period
Close: 15.58 16.22 16.56
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 6.8% 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 22 periods.