You really think gold will drop to $1000 with all the Fed easing and overvalued equities markets and ultra low interest rates? I think your idea is possible if the Fed jacks up interest rates to 3% or more...otherwise you are dreaming my friend...and if rates go to 3% the stock market will crash to lower lows than seen in the 2009 crash...
anshusahay
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@GoldAddict, My prediction is basis charts. I follow Elliot waves. As per my study, this is an ABC zigzag correction, with WaveB getting completed yesterday. Wave C on the downside should at least touch the end of Wave A which is around $1000
GoldAddict
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@anshusahay, when the price is moving in a triangle formation the most likely outcome is a break to the upside...I like Elliot wave but with Elliot wave you never k ow what’s going to happen until it happens...I see this all of the time with Elliot wave analyzers...it is much more beneficial to use a combination of fundamentals, moving averages, resistance and support levels, and other key indicators like Mac D and volume...Gold is not done going up...it is also looking to complete a cup formation on the weekly chart...top of the cup anywhere between 1750 and 1900...then a pull back to form the handle...pullback could go as deep as 1450
GoldAddict
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@GoldAddict, on that triangle formation the break is usually in the direction of the previous move, wich is up for gold
GoldAddict
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@GoldAddict, look back at some of my ideas for gold...I think they may be beneficial to you