Hi Traders,
I get almost daily inquiries about Gold. Where is going to top & reverse? Will Gold be affected by the FED interest hike? Here's what I found.
ELLIOTT WAVES
The interpretation of the monthly, weekly and daily charts below is crucial to understand the future dynamics of Gold (now at $1314.74).
The monthly chart shows that the Gold 5 years correction ended at $1046 (i). Then, a major rally started. This chart also displays two targets: $1435 and $1532.
The weekly chart reveals that the new uptrend - intiated at 555c - needs another thrust up to complete wave 3, possibly to $1432-40.
Note: the daily chart shows that Gold (although a brief jump to the area $1324-7 is still possible) might bottom around $1283-86 before starting the new rally to $1432-40.
Note: the daily chart shows that Gold (although a brief jump to the area $1324-7 is still possible) might bottom around $1283-86 before starting the new rally to $1432-40.
BTW, that top at $1432-40 could coincide with the FED interest hike. After topping at this level, wave 3 would be followed by another correction (wave 4) to $1312-21, although $1252 is the theoretical target. This correction could last quite a few months.
Finally, wave 5 should take Gold up to $1522-32 or higher.
(i) I predicted this low to be in the area 1043-1032 two years ago!
Monthly chart - Click to enlarge
Weekly chart - Click to enlarge
Daily chart - Click to enlarge
