Elliott Wave Analysis of Gold (XK futures contract) by Sid from ElliottWavePredictions.com

Gold 360m 11-4-13

Elliott Wave Analysis of Gold (XK futures contract) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

Ever since Gold bottomed in late June, it has been moving sideways in either a black bullish 1-2 configuration (my main count), or sideways in a black wave 4 (alternate count). Either way, both the main and alternate (and actually a third count, which I labeled with question marks on the chart) all expect similar movement next, a 5-wave impulse to the downside starting at the October 28 high. Hurst cycle analysis is suggesting that the next significant cluster of cycle troughs will occur in late November, specifically between November 18 and 28. The recent spurt in US$ strength supports this conclusion as well. Gold is generally going to move lower through most of November in my opinion.

Also, since Gold and Gold miners are highly correlated in their price movements, the larger rally in GDX that my last GDX post suggested will likely be postponed until late November.


Subscribe To Our Newsletter

(Blogs & Guides)

Register to automatically receive email notifications of our latest blog posts,

and specifical offers.



You have Successfully Subscribed!