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 following through with yesterday's outlook .
- The RSI is breaking below 30 in the 4H chart, and below 40 in the daily chart. We continue to be in a correction and the 1355 area could turn into resistance after being broken as support.
- A swing projection targets 1323.
- We know of support at the 1330 and 1315 area. Let's see what kind of price action occurs as the market heads towards these lower pivots.
- Silver is also following through with yesterday's outlook.
- The RSI in the 4H chart tested the 60 and cracked it, but returned immediately. The price action also remained below 200SMA in the 4H chart, returning immediately after the breakout with a strong rejection.
- The bearish outlook to 26.90 is in sight, although we know in the daily chart that the fibonacci retracement level of 61.8% is at 27.30.
- The main these levels might provide a bit of support, but the main signal here, is a break below 28.0, which suggests a decline to the lowe pivots at 26.50 and 25.00. Now, the 28.00 level should become resistance. Let's see how far this correction decline takes us in both gold and silver.
Will the bulls take back control in the precious metals? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist