In our previous article about the precious metal readers saw how the Elliott Wave principle put us ahead of gold ‘s $72-decline from $1531 to $1459. In short, the hourly chart made us think a three-wave decline from $1555 was still in progress. Hence, the bears remained in charge and more weakness could be expected.…
Explaining Gold ‘s Weakness With Elliott Wave Logic
Gold bulls suffered in four of the last five daily trading sessions. A week ago, on September 24th, the price of gold briefly exceeded $1535. Earlier today, it touched $1459 before recovering to $1466 as of this writing. In the meantime, global economic growth is slowing and several recession indicators are flashing red; In what…
Famous Pattern Put Gold Traders Ahead of the Curve
Last week, gold finally broke out of the consolidation it has been locked in for almost a month. The price fell to $1400 before rising to $1453 on Friday, July 19th. But instead of maintaining the positive momentum, the bulls lost steam and allowed the bears to close the weekly session at $1425.66. Fortunately, a…
In Gold ‘s Elliott Wave Footsteps from 1200 to 1350
Gold bulls can be very pleased with their progress in 2019 so far. Three days ago, the precious metal climbed past $1346, bringing its total year-to-date return to 5.2%. Furthermore, gold is up 12.6% from its mid-November low at $1196. “Uncertainty” is once again the usual reason people use to explain gold’s surge. Trade war…
Gold Price Followed Its Elliott Wave Path to $1300
Gold’s third consecutive week of gains led the price of the yellow metal to the vicinity of the psychological $1300 mark earlier today. On December 14th, the price of gold fell below $1233, but according to experts, a combination of economic uncertainty, trade worries and rising interest rates sparked fear in investors, who hurried to…
Gold Tests $1240 Resistance after Elliott Wave Setup
Gold is trading at levels last seen over a month ago, following mixed signals from U.S. and China on trade, Brexit worries and protests in France. The demand for safe haven assets is thought to be increasing at times of political and economic uncertainty, which helps explain the surge in the price of gold. On…
Gold is a Bad Inflation Hedge. Still Watching CPI?
Similarly to crude oil, gold did not start November in the best possible way. The price of the yellow metal reached $1237.50 on the first day of the month, but was down to $1196 by November 13th. Unlike crude oil prices, however, bullion managed to reverse the negative trend and bounce up to $1230 yesterday.…
Gold Prices Under Pressure Amid Easing Tensions
North Korea’s Kim Jong-un appears to have finally come to his senses. The isolated communist country announced it will discontinue its nuclear tests and close down its test site. The North Korean leader will meet with U.S. President Donald Trump in June to discuss the Asian country’s complete denuclearization. And while peace in Syria is…
Ahead of Gold’s Trade War-Inspired Rally
United States President Donald Trump announced import tariffs on approximately $60 billion worth of Chinese goods. China responded modestly by imposing tariffs on just $3 billion worth of U.S. products, but that was more than enough to spark fears about a global trade war. Investors apparently did not like how the geopolitical landscape is shaping…
Gold’s Message to Traders Ahead of Trump’s Tariffs
The price of gold bounced up last week after Donald Trump announced import tariffs on steel and aluminium brought uncertainty back to the landscape. The President went even further by saying that if Europe retaliates against the tariffs, the US will impose a tax on cars made by European manufacturers, such as Volkswagen, BMW and…
Gold Looked Bullish Days Before Inflation Report
Gold bugs had another reason to celebrate Valentine’s Day after the price of the precious metal had its best daily trading session since the Brexit vote in June 2016. XAUUSD rose to $1355 on Wednesday after higher than expected inflation suggested the Federal Reserve may be forced to increase the interest rate at a more…
Gold Tumbles Despite Clashes in Jerusalem
It has been a bad week for gold bulls. The yellow metal has been trading in a range between $1260 and $1306 for over two months and many thought it was trying to find a base to bounce up from. Unfortunately, the $1260 support everyone was heavily relying on suddenly gave up, opening the way…
Here is Why Gold Prices Turned Bearish From $1306
Gold’s last major bottom was formed at $1260.50 on October 6th, following a decline from as high as $1357. By October 16th, the price of the precious metal was up to $1306 for a recovery of over $45. But instead of continuing to the north, the bulls could not breach this barrier and fell pray…
Elliott Wave Ahead of Gold in Both Directions
Last week was hardly the best one gold bugs ever had. The yellow metal declined from $1319 to a low of $1288, before settling at $1297 for the weekend. So it made sense to expect more weakness after the open on Monday. Instead, the bulls returned to lift the price to $1313.57 by Tuesday, which…
Gold, Trump, North Korea and the Moving Stop Order
You do not need to be Sherlock Holmes to find a good enough explanation for the recent surge in the price of gold. On one hand, there is North Korea, whose hostile behavior and multiple missile launches show just how fragile peace really is. On the other, there is Donald Trump, who has never been…
