Simple Moving Average(
) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and
Multiple Time-frame Analysis
Previous Post on gold and silver (1/24): Bears March On
- The bearish scenario materialized, and in a very well behaved
manner (without overlapping waves).
- Our recent swing projection of
was hit as the market was not supported until
- The 4H candle ahead of the US session is an engulfing marabuzo
and points to further decline towards the
level which is an important support.
- The RSI is turning lower after resolving oversold conditions, a
in the near-term.
- Silver showed a bearish engulfing pattern ahead of the US
session, and is likely to push lower towards
today in the US session.
- This is a support to monitor, but as long as the market
continues to show stronger bearish candles, and keeps making
lower highs and bottoms, the market continues to be in a
- On the upside, the
level should provide resistance for a healthy decline for the
rest of the week. A break above that then makes the market
- On the downside, a break below
- The RSI continues to reflect the bearish mode after resolving
oversold conditions in the previous session.
Will gold and silver bulls take back control? We would love to
hear what you think.
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Fan Yang CMT
Chief Technical Strategist