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Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com

 Gold, Miners  Comments Off on Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com
Sep 112015
 

Elliott Wave Update on Gold and Gold Miners (GDX) from Sid at ElliottWavePredictions.com.  Click on the charts to enlarge.

GDX moved to slight new lows today, but the larger picture is unchanged.  A large 18-month cycle trough is imminent in gold miners, and Gold and Silver appear to have already shown five small-degree waves up followed by partial retracements in the form of ABC zigzags.

Here are the updated GDX weekly, daily, and 240-minute charts:

GDX weekly 9-11-15

GDX daily 9-11-15

GDX 240m 9-11-15

As for Gold, here’s my main longer term count, shown on the XK futures contract.  The most important aspect of this chart is the interpretation of downward movement since September 2011 as corrective.

Gold weekly 9-11-14

Alternatively, those who prefer to count the downward movement in Gold since 2011 as a 5-wave impulse are generally counting Gold as follows, this time on a chart of GLD.

GLD weekly 9-11-15

Please note that I do not agree with the above interpretation over the longer term.  The most important take-away is that BOTH counts expect Gold to move to the upside next, likely back to the January 2015 highs at a minimum.  If Gold goes up, so will the miners.

Finally, here are both the main and alternate counts on the Daily, 240-minute, and 90-minute charts of Gold XK futures.  Notice the 5-waves up from the July low followed by a corrective ABC partial retracement on the 240-minute and 90-minute charts.

Gold daily 9-11-15

Gold 240m 9-11-15

Gold 90m 9-11-15

Please join me for my Weekly “Counts” Webinar, where I go over all of my Elliott Wave counts and associated Fibonacci price targets for many of the world’s major stocks markets, commodities, currencies, and bonds.  Hurst cycle analysis is considered on almost all items.  A link to the recording of the webinar is emailed to all “Counts” webinar subscribers immediately afterwards, whether they were able to attend “live” or not.  Alternatively, my EWP ScreenShots service shows multi-timeframe analysis of the SPX, DAX, Gold, Oil, TLT, US$ (DX), & EUR/USD currency pair twice each week.  All “Counts” webinar subscribers receive EWP ScreenShots as a free bonus.  Many traders and investors have found my analysis quite profitable over the years.

Sid Norris
http://elliottwavepre.wpengine.com

A History of Sid’s Elliott Wave Counts on Gold (XK Futures Contract), as shown in the “EWP ScreenShots” Service

 Gold  Comments Off on A History of Sid’s Elliott Wave Counts on Gold (XK Futures Contract), as shown in the “EWP ScreenShots” Service
Apr 102013
 

Here’s a chronology of several Gold charts, exactly as posted by my EWP ScreenShots Service since December of last year:

December 2, 2012 (daily candles):

Gold daily 12-2-12

 

December 2, 2012 (240 minute candles):

Gold 240m 12-2-12

 

December 16, 2012 (240m)

Gold 240m 12-16-12

 

December 30, 2012 (240m)

Gold 240m 12-30-12

 

January 13, 2013 (240m):

Gold 240m 1-13-13

 

January 27, 2013 (240m):

Gold 240m 1-27-13

 

February 10, 2013 (240m):

Gold 240m 2-10-13

 

February 24, 2013 (240m):

Gold 240m 2-24-13

 

March 10, 2013 (240m):

Gold 240m 3-10-13

 

March 27, 2013 (240m):

Gold 240m 3-27-13

 

April 3, 2013 (240m):

Gold 240m 4-3-13

 

And finally, a current chart (4-10-13 – 240m), as posted a few minutes ago in my mid-week edition of EWP ScreenShots:

Gold 240m 4-10-13

 

It is gratifying to know that regular subscribers to both my EWP ScreenShots and Weekly “Counts” Webinars have had the opportunity to gain great benefit from these charts.  For a look at my analysis on Gold going a bit further back, see the May 2012 post.

Side Note:  Some are proclaiming that the precious metals markets are being manipulated by governments to the downside.  If that were correct, how were the forecasts above developed utilizing Elliott Wave?  The Wave Principle, and its constant companion, Fibonacci Relationship Analysis are rooted in nature.  Not to mention, after parabolic manias like the September 2011 top in Gold, large corrections are the norm.

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Sid

http://elliottwavepre.wpengine.com

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