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 Wave Markets, had a different opinion:
It has been very interesting to watch everyone being surprised by gold’s 7-week rise, which started on December 31 and is still in progress. On the next chart you can see that strong uptrend developing. Only The Wave Principle can tell you to be bullish at bottoms and bearish at tops with such an accuracy. Or, as Warren Buffett puts it, “Be fearful when others are greedy and greedy when others are fearful”.