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 Update 2/11 - Stalking Bearish
- Silver is sliding sharply today in the US session after
forming a double top. The decline from that has already
materialized, and the bullish momentum has been technically
violated. The RSI plunged below 40, reflecting a loss of the
bullish momentum. A break below 30 suggests bearish momentum.
minor pivot, a break below this is looking at the
support. A break below this as we see in the 4H chart, opens up
the possibility of a decline back to
- If we get a pullback, a good confirmation for the short-term
bearish scenario is a failure to rally above the
-The 4H chart shows a strong bearish attempt to start the US
session, following through a bearish divergence.
- If this decline breaks below the current
pivot but fails to break below the
pivot, and the RSI stays above 40, we should have another rally,
which at least test the
area, but could also rally back to test the
Will this bearish attempt in silver be meaningful, or
is it just a minor corrective decline? We would love to hear
what you think.
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