PMs - ELLIOT WAVE FORECAST - Gold $GOLD
Here is a brief Elliot Wave Perspective on gold:
- Short term outlook is quite bearish.
- It correlates to bullish outlook on equities. I think we have some short term upside until EOQ1 or Q2 on equities.
- It looks likely that we are on Wave 5 which will reach a high of $2275 USD
Bullish scenarios are:
- 1900 High was Wave 5 and we are on a new motive wave (Most Bullish).
- Bouncing at 1600-1700, breaking out of the rising wedge in the short term without retesting the bottom, confirming a new motive wave.
- The current wave 5 will be extended to 3000, but in this case we will still have a correction in the short term (Med term Bullish).
I am a believer that financial markets move the world, and precedes "news"...
From this forecast, we can also speculate that Biden will have a 4year term.
This trend also aligns with the Smart City bubble ($90T USD projected MCap) which should begin in 2030.
- Short term outlook is quite bearish.
- It correlates to bullish outlook on equities. I think we have some short term upside until EOQ1 or Q2 on equities.
- It looks likely that we are on Wave 5 which will reach a high of $2275 USD
Bullish scenarios are:
- 1900 High was Wave 5 and we are on a new motive wave (Most Bullish).
- Bouncing at 1600-1700, breaking out of the rising wedge in the short term without retesting the bottom, confirming a new motive wave.
- The current wave 5 will be extended to 3000, but in this case we will still have a correction in the short term (Med term Bullish).
I am a believer that financial markets move the world, and precedes "news"...
From this forecast, we can also speculate that Biden will have a 4year term.
This trend also aligns with the Smart City bubble ($90T USD projected MCap) which should begin in 2030.