Gold's Goal: New All-Time High / $2K+ in 2024

업데이트됨

My expectations for Gold are coming along just as expected for the most part, barring a few micro level invalidations.

Last Fall, I expected Gold to dip below the level of $1680 before finding support on its run to a new all-time high. Even during this time, I predicted as can be seen at the top of the following chart (if you drag it down) that the new all-time high would land near $2415. That drop has been accomplished and the pump is very well underway.

My most recent macro prediction suggested that Gold would retest the lows of $1700 before pushing up towards $2415. Due to the height of Wave 3 extending more than expected, I am sharing this updated markup, though the target range has only slightly been adjusted (by less than $40).

Analysis is not always a set and forget it type of task. As good analysts, we have to balance being both proactive and reactive. When the proactive output finds invalidation, this is when we adjust and fine tune our expectations. The principles of Elliott Wave Theory makes this a repeatable and very logical process but only when applied correctly. Many have given up on discovering validity in this theory. I have not and am determined to master it at the highest level(s).

Thanks to all naysayers and doubters of what I do. You have absolutely 0 chance to penetrate my judgement and you only drive me to become the best. I sincerely appreciate you! For all others, be sure to hit the 🚀 button and leave your comments below. More importantly, stay safe and don't drown!

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I imagine its possible for the upside route to finalize between the Fall of 2023 and the early Winter season within 2024. DXY also looks on schedule to primarily dump until that timeframe as well (expecting a visit down to mid 90s ultimately).

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A simple zig-zag wave will not push price low enough to reach the anticipated, fibonacci based target range. It is better to expect a double zig-zag to form here for the Wave 4 corrective move.

Patience is the key here.
Trade in the direction of the trend.
Surf well and don't drone.
No mas.

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The squeeze continues however a retest of the 1890 range is minimally expected before 1700s are revisited.

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A likely deceleration channel...

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The bears have aggressively dropped the price of gold over the past month. undergoing a current upside correction towards the 1860-1868 level, the majority of March is seemingly due for action similar to February's.

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The downside target range sits between 1651 and 1715 with 1710-1715 being the more probable outcomes. Bears not done. Big bulls sit lower.