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 hanging on the gains this week, but the 4H chart suggests it is developing either a top, or a significant correction. The market has already fell from 1418 to 1392. This 1392 pivot will be key. If it breaks, we would have formed a head and shoulder, and the decline can go down to the 1360s, 1364 being 50% retracement.
- A break back above 1418 should resume a the attempt to test the 1431 all-time high.
- Gold is seen in the daily chart in ranging mode, but with prior bullish bias.
- We also see the 1368 pivot, near our 1364 projection, so we can expect some support here indeed, if 1392 is broken.
- A break below the 1345 area then would suggest that the seeking to test support near 1310, within the context of a large consolidation zone between 1430 and 1310.
Will Gold continue to consolidate and has it found a medium term top? We would love to hear what you think.
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