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
Previous Gold and Silver Update: Will the Bulls Take Back Control? (1/21)
- The retracement of 38.2% seen in the 1H gold chart was sharp, but there is topping.
- This did not break above the 1355 level, which should act as resistance.
- The RSI remained below 60 after a minor violation.
- The market still looks bearish towards 1330 area. A break below 1329.50 then looks at 1315.
- If the market decides to rally, and DOES break above 1355, we have a kilroy or reverse head and shoulder signal, targeting 1363(61.8%) area.
- Silver respected the 28.00 level as anticipated, held under 38.2%.
- A decline that breaks below the previous low, and fails to break back above 27.50 area, should be heading south to test the 26.50 level.
- A break below that opens up the 25.00 target.
Will the gold and silver bulls take back control this week? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist