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
Gold: A swing projection targets
, but has shown a double top just below the 1350 area. The market
retraced 61.8% but then rallied again. This rally is now testing
the double top.
- It also retraced slightly more than 61.8% of the decline.
- Note also the bearish signal as the market completed a Gartley.
In the near-term the market is bearish.
- The RSI failed to break back above 60, so it has not shown
near-term bullish continuation and instead further consolidation.
- If this consolidation does not break the rising support, we
might have a bullish continuation.The
area would be final support to the current bearish attempt, for a
- However, if risk appetite improves in the markets, we might
have a decline towards
area. A break below this area then opens up a retest of the
bottom action around
Silver is in a triangle (basically an ascending triangle with
bullish bias) being contained below
. The upside targets above the
resistance are at the Fibonacci cluster near
- The downside below
has the support of
- Until the RSI breaks below 30, and the market breaks below
we should consider Silver in a consolidation of a larger degree
as well. Below
and with a the RSI in the 1H chart at least breaking breaking
below 30 is the
pivot as target.
Will the NFP on Friday affect Gold and Silver? We
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Fan Yang CMT
Chief Technical Strategist