Gold Should be Resuming Its Uptrend

By Fan Yang,

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Gold Technical Update

March 14, 2011 - Gold Should Be Resuming Its Uptrend

Simple Moving Average( SMA ) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.

Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

Multiple Time-frame Analysis

Weekly Gold and Silver Updates (3/11)

Gold 3/14/2011
- Gold has been consolidating, but it ended last week supported above the 1400 area, resuming the uptrend after a 78.6% retracement seen in the 4H chart.
- We see in the 1H chart, that there was a double bottom that was confirmed. Furthermore, the rally was an impulse wave, and we are currently in a correction after an impulse wave. We should expect another to follow confirming continuation of the uptrend to at least test the all time high at 1444 .
- In the daily chart, we see some fibonacci extension levels. The projection  above the all-time high of 1444 should be about 150%, near the 1490 area. The 161.8% extension is near 1505 .
- The bullish outlook, should see the market remains above 1418 pivot.
Gold Daily Chart 3/14/2011

Will gold continue to make all-time highs in March? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: SMA

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