Elliott wave analysis of Gold suggests that the recovery from 1534 to 1803 has fulfilled at least one part of the required correction. When we last considered this commodity back in September 2011, we were suggesting that it made sense to consider going long from 1575, because there was a strong support at 1478. We also said that strong resistance was expected at 1790. The metal stopped abruptly at 1534 and embarked on the correction that failed at 1803. So we pretty much anticipated most of the movement that has taken place in the last two months. ( To come up with this analysis, I used the same techniques that you have read in the book, “Five Waves to Financial Freedom”)
Looking at the picture now, I think we might get a smallish recovery towards 1725, but there is a good chance for a move lower towards 1662. HOwever, I will be quite happy to cover shorts sligtly higher at the 1680/85 levels. We will take up the question of whether we will get a new rally higher after we see the dip that we are hoping will happen. ( I have given you a clue here, let us now see whether you can discuss that in the forum with others!) Enjoy.
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10 Comments
The King is back!
Thanks for giving us clues to think about, you are a mentor to so many people.
Best to you sir
P.S Please can we post in the forum instantly and not require approval. I think this will help us all in making real time trading decisions.
Bilal, even though the forum is only some 3 weeks old, already I have to deal with lots of spam…allowing an open forum will ruin the experience for everyone.
I now know why you left that last line with a question:
CME Advises that 1.42 M Oz of REGISTERED SILVER, 16,645 Oz of Gold NOT CURRENTLY AVAILABLE FOR DELIVERY DUE TO MF GLOBAL Bankruptcy
Hi RKG, To tell you the truth, I wasnt aware of that piece of news. So long as the markets move as planned, I guess it is fine..
Sir
Thanks for the latest update on gold
Sir…….is it still holds good that gold expected to move down to 1450 area…
please guide us
Mani, I still see some support around 1660 levels which needs to be watched carefully. My views are unchanged from what is written on the last post
HELLO SIR,
is gold expected at 1535,1440,1140 dlrs &
silver 28,26,22 in near future
& what shall we apply frm here
thank u
Jeetender, Thank you for your comments. I honestly have no clue. My analysis appears on WaveTimes and once I write it, it is there to stay. You have given me several levels, and for me to verify all that I have to spend an hour on the charts, something that I find hard to do just now. Please post on the forum and others will give their inputs.
Hi Ramki
I have just finished reading your excellent book on Elliot Wave Analysis and am going through it for a second time at a slower pace. In relation to Gold on hourly charts:
Did the third extended wave finish yesterday at 1670?
Has A of 4th wave just completed at 1710 with the B wave at 1684.
If A=C will a Zizzag complete at roughly 1727.
Any thoughts would be welcome
Thanks
Mick
Hi Mick, I think you are on the right track. So we will get the 5th wave of what could be a C wave ( I am still keeping a small possibility that this is a third wave down, but ideally like it to be a C wave correcting the first rally up.) In anycase, supports near 1662 should be watched. About the book, thanks. Do let the world know what you think with a review on Amazon, if you can!