In our previous analysis of gold we were expecting an upside thrust from a fourth-wave triangle to lead prices to 1327 in wave 5, followed by a temporary reversal in wave “B”. When this forecast was published gold looked like this: On the next chart you will see how the situation developed as well as the first…
On the 1-hour chart of gold we can see something, which looks like an unfinished impulsive five. Wave 4 seems to be a triangle, so we expect the final wave 5 up, probably to the zone around 1327. Triangles precede the final movement of the sequence. In this case it is wave 5, so after…
More than a month ago, on May 9th, we published our mid-term forecast of gold. When the yellow metal was trading between 1290 and 1300, we were expecting a decline to the 1250 area, followed by a strong bullish reversal back to the 1300s. The chart below will remind you of how gold looked like, when…
A month ago, on April 9th, we published an article about gold, in which we showed you two alternative counts. As you will notice, gold has been trading exactly according to the first one. When we made that forecast, the price of the yellow metal was 1310 dollars per ounce and rising, but we were expecting…
On the chart below you can see the impulsive decline in silver from 22.17 to 19.20. As you can notice, the whole three-dollar move developed in a perfect trend channel. If we look at the wave structure of this decline, we may be interested in the corrective waves 2 and 4. Wave 2 is an…
Gold has started its consolidation (sideways movement) in July 2013 and it seems to be forming a triangle, which usually takes time to develop and can be difficult to play out, because usually one of the 5 waves forming it, is a complex one. Waves “D” and “E” should also have a 3 wave structure…
On March 12th we warned you that gold could slow down. We thought so, because on the chart of gold we were already able to see three completed waves, so it was time either for the end of the whole move, or at least for a pullback in wave 4. In both scenarios a decline…
Gold could slow down after 11 weeks of steady rise. The chart below suggests that gold has completed three out of five possible waves of advance. From now on there are two possibilities. First: gold will be limited to a corrective A-B-C. Two: Gold will decline in wave (4), but will rise again in wave…
The chart below was posted on our Facebook page on January 2, when the price of gold was 1210 $. We would like to remind you that back then all the fundamentals were pointing down. Some experts even stated that gold will go below 1000 during the first two months of 2014. We, at Elliott…
Mass psychology plays a key role in forming trends in precious metals. The specific about precious metals is that they tend to form extended fifth waves in case of greed or fear of inflation. Silver has been trending down since 2011 and has lost its value by more than 50%. The first mania in silver…
Gold has been trading on the free market since the end of the Bretton Woods system in 1971. From then on, mass-psychology has been playing his role in shaping gold’s price movement. And since patterns of mass-psychology are the subject of the Elliott Wave Principle, we are able to presume where the yellow metal is…
