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)
: Gold may be heading south towards
. A break below that targets
. We also see a rising support in the daily, that might be met
- A break above
should put the bearish scenario aside, and a break above
should start the discussion of a bullish scenario.
- However, the market is ranging, so it is more likely that
it is moving from pivot to pivot, without following a clear
- In the 4H chart, the latest rally failed to close above
61.8% of the previous leg down, keeping the sentiment bearish
in the near-term.
- But, if the market stays within a channel, a rally can sees
, then the
all-time high recently established.
: Silver is a tad stronger, the RSI is staying above the 40
level in the 4H chart. The Gold 4H RSI dipped below 40. Gold
showed a lower low, but Silver kept it above it previous
In fact silver looks to be respecting a rising support,
and a break above
suggests bullish continuation. RSI would confirm with a
surge above 60.
are the next targets for a rally in silver. However, a
could be developing.
The bearish attempt on the 7th, has already be reversed as
the market retraced more than 61.8% on the 14th. Therefore,
the bias is bullish still, and a projection goes to
, given that it breaks above
Are the previous metals still a good play? We would
love to hear from you
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Fan Yang CMT
Chief Technical Strategist
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment
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