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Why You Should Keep an Eye on Gold

How our forecast for “still-higher prices” has played out so far

by Bob Stokes
Updated: November 11, 2022

Gold had been in a downtrend since early March, yet in recent weeks, the yellow metal appears to be trying to reverse that trend -- at least in the near-term.

It would not be surprising if gold does stage a rally because platinum has already "broken out" and silver has already shown some "get up and go." Plus, copper's rally potential is also worth watching. Of course, there are no guarantees when it comes to financial markets.

But, getting back to gold, let me show you some of our recent analysis and touch on what's happened since.

Here's a Nov. 7 chart from our U.S. Short Term Update, along with a quote:

GoldTestLows

[Gold]'s strong rise from $1616.47, the "test" of the lows of September 28 and October 21, appears to be an impulse, which may portend still-higher prices.

Well, after that analysis published, gold was up more than 2% on Nov. 8, showed little price movement on Nov. 9, and intraday on Nov. 10, is up again more than 2%.

This action is quite in contrast with the outlook of this Sept. 22 headline (Bloomberg):

Gold Flirts With Bear Market After Rate Hikes Batter Bullion

Now that gold has rallied, there's this Nov. 10 headline (CNBC):

Gold soars over 2% as U.S. inflation data cements Fed slowdown bets

Well, Elliott Wave International posits that the Fed is not "making" gold go up or down, rather, it's gold's Elliott wave pattern that investors need to watch.

Get gold updates three days a week by reading our U.S. Short Term Update, which is part of our popular Financial Forecast Service. Just follow the link below.

Want to Anticipate the Stock Market's Next Big Move?

Then look to the stock market itself.

"Fundamental" market analysts have a major voice in the field of finance.

But all the opinions in the world cannot replace a cold, objective look at the stock market's "technicals."

In-depth technical analysis requires a tremendous amount of work. If you can perform this task yourself, Elliott Wave International wishes you the best.

On the other hand, having our team of analysts on your side may well give you the edge you're seeking.

You be the judge -- click on the link below to learn about our popular Financial Forecast Service.

A “Freight Train of Grains” Didn’t Cause Soybeans’ Recent Price Crash. So… What Did?

"Crash," "sink," "runaway freight train," and ever-lowering "limbo pole" are a few of the phrases used to describe the May selloff in grains, particularly soybeans. But before you blame the "bombshell" May 12 USDA supply/demand report for the slide, you'll want to read this first.

Commercial Real Estate: Prepare for a Potential Global Calamity

A lot of the commercial real estate market is faced with a decline in liquidity and falling values. The specter of defaults looms large. In at least one region of the world, there are reminders of the dark days of Q1 2009, as revealed by this chart.

'How people FEEL is how they ACT'

Like all ideas that make you want to slap yourself on the forehead and scream "How didn't I think of that!", the idea behind socionomics is simple: Social mood impels social action. When you know social mood's trend, you can forecast everything from the stock market to culture to politics and more. So, how then do you define the social mood trend? Watch our Head of Global Research touch on that in this video.