Gold and Silver Extend Corrections

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Gold and Silver Technical Update

March 15, 2011 - Gold and Silver Extend Corrections

Simple Moving Average( SMA ) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
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 (XAU/USD)
Gold 3/15/2011
- 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 1390 support area.
- 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 1360-1365 area. If a near-term rally from this 1390 support zone, which is 200SMA in the 4H chart, fails to break back above 1405 , this bearish outlook should be viable.

Silver (XAG/USD)
Silver 3/15/2011

- The Silver market continues to consolidate the gains we had since the beginning of February instead of signaling a bullish continuation.
- The correction was minor, until today's price action showed that the bears are taking over, breaking silver below 35.00 .
- The 33.55 , 61.8% retracement level in the 4H chart is still acting as support.
- A break below that can push the market down to the 31.50-31.22 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
FXTimes



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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