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 right now and where could it be in the future. However, nothing is certain, so there are two possible counts to be considered. Count #1 suggests an impulsive rally with wave (4) currently in progress:
Count #2 will come in handy, if the decline from year 2011 becomes a 5-wave impulse. Only then, we should start thinking that the whole price action of gold from the last four decades is somehow corrective in nature:
