) 200-period (bold, gray)
RSI-14 with Simple
5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term
Multiple Time-frame Analysis
Short-Term to Medium Term
- Gold is not declining as sharply as silver, but is nonetheless
showing a strong
- The 4H Chart shows a test of the
pivot, 200SMA, and a rising
(also in the Daily chart).
- The momentum in the short to medium term has turned bearish.
- With the current acceleration downwards, the decline looks to
be in the third wave within a third wave - the strongest part of
a bearish impulse wave.
- Looking at the daily chart, gold is indeed showing some very
bearish days, but the momentum is still above 40. It is being
- We have a 50% retracement of the
. We are also at 38.2% retracement of the
- Adding to those
factors is a rising
- Gold still has a chance to turn bullish, and if it breaks back
, there is a chance for
. A break above
in the near-term, and
in the long-medium term.
- However, the structure of the current design suggests that even
if it will be bullish in the long-medium term, the short to
medium term action is likely going to see very a complex
as the current wave down would only be a wave A of a conventional
- Further bearish outlook opens up if the market not only
breaks below the current
cluster, but remains below
, and then breaks below
cluster. Then, there is one more challenge against the
that can reverse gold, and that would be a break below a larger
, and 61.8% retracement of the
- A break below the large rising
suggests a return to the
Will this be another USD/CAD to fade, as we saw a
at the beginning of March?
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Fan Yang CMT
Chief Technical Strategist