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 and Silver (2/11) - Stalking Bearish
- Gold has been rallying from 1309 after developing an inverse
head and shoulder.
- We look to have completed an impulse wave down to
, so we should be seeing a corrective rally. However, the
possibility the current rally can turn out to be impulsive is
- The preferred count though, is that we are in a rising
wedge in the terminal wave e now, testing a 61.8% and 78.6%
fibonacci retracement cluster in the
- If this area does indeed provide resistance, and the market
does decline, the bearish scenario opens back up towards 1309 if
the market breaks below
, and more importantly
. A failure to break below
allows for a bullish impulse wave development towards
- The daily chart shows the significance of
as a resistance. A break above that points to the
area and the all-time high at
- A break above
, would then be in a flat pattern, or have completed the
correction, and in a bullish continuation.
- However if these near-term resistance levels hold, a decline
from there suggests we are in a zig zag that can extend as low as
the important pivot at
, which is where a 61.8% retracement level resides as well.
Will Gold respect this resistance cluster? We would
love to hear what you think.
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