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 for Gold and Silver (1/28):
Choppiness Increases Around Support Areas;
Gold is acting as anticipated from the previous gold update on
Friday. Friday's high held, and the market is in a decline, that
is now being supported above the
, 61.8% retracement level.
- Another rally that breaks above the current resistance at the
area, should create a reverse head and shoulder.
- Still the rally has resistance near
, which is a swing projection, and also the 61.8% retracement
- The count is that this is a corrective rally, but if global
uncertainty returns, gold can return for another bull run.
- This is premature, so let's see what happens to this possible c
wave up. If the market accelerates, then a decline fails to break
, we are either in very significant correction rally, or the
bulls could have taken over. The first upside target above
- There is also the scenario, where the market declines below
without extending the current correction higher. The intermediate
term targets below that are
- Silver had trouble breaking the 161.8% expansion, 38.2%
retracement and 2SMA in 4H chart. This resistance cluster at
was respected and the market followed with a decline.
- The decline is supported above
, and the moving averages in the 1H chart.
- There is still a bullish bias to this pair in the very
- If the
level is broken, we might have a rally to
, the 50% retracement and SMA200 in the 4H chart.
, we have the
, the 618% retracement level.
- Most likely this is a corrective rally. If the market is to
turn bullish, the current resistance at
, should eventually become support to develop a base and to
follow Elliott Wave Principles.
Will gold and silver continue lower after the current
correction? We would love to know what you think.
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Fan Yang CMT
Chief Technical Strategist