Gold and Silver Technical Update
March 15, 2011 - Gold and Silver Extend Corrections
Simple Moving Average(
) 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 Should Resume its Uptrend 3/14
Silver Confirms Bullish Continuation...3/14
- Gold continues to consolidate instead of resuming the uptrend.
Today's sharp bearish price action suggests the decline can
extend lower as it tests the
- The strong price action suggests that the current C wave can
push further than wave equality, and push towards 150%, 161.8%
projection, which coincides with the 61.8% retracement.
Therefore, support can be found in the
area. If a near-term rally from this 1390 support zone, which is
200SMA in the 4H chart, fails to break back above
, this bearish outlook should be viable.
- The Silver market continues to consolidate the gains we had
since the beginning of February instead of signaling a bullish
- The correction was minor, until today's price action showed
that the bears are taking over, breaking silver below
, 61.8% retracement level in the 4H chart is still acting as
- A break below that can push the market down to the
support zone (60% retracement).
Will gold and silver continue rallying after the current
correction? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist