Simple Moving Average(
) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- Gold is following through with
- The RSI is breaking below 30 in the 4H chart, and below 40 in
the daily chart. We continue to be in a correction and the 1355
area could turn into resistance after being broken as support.
- A swing projection targets 1323.
- We know of support at the 1330 and 1315 area. Let's see what
kind of price action occurs as the market heads towards these
- Silver is also following through with
- The RSI in the 4H chart tested the 60 and cracked it, but
returned immediately. The price action also remained below 200SMA
in the 4H chart, returning immediately after the breakout with a
- The bearish outlook to
is in sight, although we know in the daily chart that the
fibonacci retracement level of 61.8% is at
- The main these levels might provide a bit of support, but the
main signal here, is a break below
, which suggests a decline to the lowe pivots at
. Now, the 28.00 level should become resistance. Let's see how
far this correction decline takes us in both gold and silver.
Will the bulls take back control in the precious
metals? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist