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
Previous Gold and Silver Update
- Gold has developed the bearish correction as
anticipated in recent posts.
- However, we are now getting close to the area of support near
level is the next expected support.
- Look for the market to create a bottom around here.
- But if price action accelerates downwards, we are either
exhausting a correction decline, or expanding it. The clue will
be in the subsequent rally (if there is a pullback).
- A rally that breaks the declining trendline seen in the 4H
chart should suggest the bulls taking back control, especially if
the candlestick in the daily is larger than all the ones during
the correction decline. An early sign of a bullish continuation
would be a break above
- So to start next week, expect some further decline into the
area, and start to monitor for bottoming action.
- The strategy for gold should be similar to that of silver
during this correction period.
- For silver, we should look at
level as an important support, and
as the next support with even greater significance.
- If the market rallies back above 28.0, we should start
considering bullish continuation. If it breaks the declining
trendline above that, we have a sign of bullish continuation, but
we would have to gauge the momentum or strength of this rally.
- Just like gold, let's anticipate some further decline, and
bottoming action starting next week as the market nears
What else needs to happen for the gold and silver bulls
to take back control of the markets? We would love to hear what
Subscribe and become a membe
r to share
your views and join live discussions as
well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist