Review of $1XAG/USD - SILVER Spot (XAG USD)
as of Wednesday, July 27, 2011
Today's Price Action
Change -0.6700 (-1.64%) prices closed lower than they opened. with weak Bids going into the close.
An engulfing bearish line occurred (where a black candle's real body completely contains the previous white candle's real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with $1XAG/USD - SILVER Spot). It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle's real body.
PulseScan Swing Vix
Swing Vix: 36.87
The Market Pulse is positive since it is trading above its zero signal line.The PulseScan crossed below the Swing Vix creating a DOWN Trend Channel as of 0 period(s) ago. This means that negative momentum has entered the market. Expect sideways to lower prices within the next 3-5 days
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Bought Sell 6 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, $1XAG/USD - SILVER Spot's price has been unchanged, and has ranged from a high of 41.46 to a low of 40.11.
MARKET TREND - Currently the TREND is - Neutral within the Bearish KUMO Consolidation cloud(Possible Trend Reversal) with Upside Bullish Breakout risk. A close below 35.97 is needed to re-establish the downward trend. However a close above 41.06 will establish a new upward trend.
TREND STRENGTH - ,,,
The close is currently Above it's PulseWave Cycle TRENDLINE RETRACEMENT. - 33.66
The close is currently Above it's Long Term TRENDLINE RETRACEMENT. - 31.45
INTRADAY PRICE PROJECTIONS
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 40.88
PulseWave BreakOut SUPPORT - 38.21
On 7/27/2011, $1XAG/USD - SILVER Spot closed
below the upper band by 22.6%.