Elliott Wave Analysis of Gold - Next upside target seen at 3,100
If gold closes the month of March above 1,972 then gold should be headed for 3,100 as the next upside target.
That said we do see a real possibility of a run-away market as wave V finally gathers upside momentum and run-away markets in the fifth wave in the commodity complex is more the rule that not.
So keep an eye on gold in the month ahead as it could be the focus of attention.
Silver is currently lagging the rally in gold, which is uncommon, and I expect silver to gather momentum alongside gold and eclipse important resistance at 30,00 for a continuation towards the former all-time high at 50,00.
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