Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- Gold is gaining speed as the market surges past our target near 1395. The market has broken that pivot and is now heading towards the record high near 1430.
- The price action is becoming persistent and the RSI has broken way above 70, above 80. This is a bullish momentum breakout signal. The RSI in the daily chart is also at the brink of showing bullish momentum breakout.
- In the very near-term however, this is also an indication of being overbought so some flattening or correction can be expected. So far however, price action in the 4H, and 1H chart remains absent of any topping clues, so it could just be as probable that the market will surge to 1430 without a meaningful correction, especially the current 78.6% retracement area near 1405 does not hold.
- The market should remain bullish as long as it stays above the 1370, 1368 pivot seen in the 4H chart.
- The 1430 area is in sight, and a break above that opens up another bull run into record highs.
Will Gold push to a new high, or is it still in a consolidation? We would love to hear what you think.