Elliott Wave Analysis of Gold - Closing in on resistance at 3,100
Almost a year ago, when gold was trading near 2,175 I said that a monthly close above resistance at 2,172 would call for a continuation towards the next upside target at 3,100 (You can see that post by clicking here).
Well almost a year after Gold is closing in on the 3,100 target fast. I would expect the 3,100 target to act as a strong resistance, that's not going to be broken and set-up gold for a larger corrective decline towards strong support at 2,172 and ultimately a continuation lower to the bottom of wave (4) near 1,050.
However, for now we should look for a firm test of the long-term target at 3,100 and then see what gold has in store for us.
In my March 2024 post I call for silver to break firmly above resistance at 30.00, which we have seen, but silver still needs to accelerate higher towards the long-term resistance at 50.00. I still expect this to happen, but obviously at its own pace...
Hi EWS,
ReplyDeleteLong term finding your new as there was no link of old blog synced to new one. My question how come we can expect silver run to 50.00 levels and gold completes cycle at 3350 as mentioned in your previous. What if there is another chance we can see gold beyond 3350 and more. Please if you can show daily count on gold precisely.
Thanks in Advance
Regards