Gold – Weekly Analysis – Enjoying The Ride?
Gold offers a fantastic, probably a generational opportunity. Are you still trying to find a bottom or you a riding it with the @InvestingAngles members since the call in May? Btw, gold is already down 9.5% off the top.
We nailed it in 2020. We were spot on in 2022, and we will be right in 2023. It’s not late to join the ride.
Our Story of Forecasting Gold since 2020
It started in 2020. In August 2020, when everyone was expecting gold to fly to $2500 or even $3000, the metal suddenly formed a candle that negated all bullish hopes.
We suggested that gold was to face a highly probable multi-month decline with an average loss of 21%.
Fast forward six months. At the beginning of March gold fell to $1700, lost 19%.
The next epic call on gold we made in March 2022. Following the candle formations and special technical setup, we projected the target and the timing with great precision. This was the initial call on March 29th.
The chart below was the end of it. Gold lost over 15% in 6 months.
If you think we specialize only on bearish calls, you might be surprised.
A significant bullish call we made at the beginning of February 2023.
Following our call, gold advanced 11.5% in three months.
These were just three large mid/long term projections for gold which were made with our unique methodology that combines analyses of candles, technical indicators, and Elliott Waves.
The current call
On May 3rd we issued an Alert of a possible topping formation.
On May 6th we posted this projection.
This is how the chart looks today.
Gold is down over 9% off the top in May and is down 7% after our call.
So, what is next?
In this weekly overview we discuss recent technical events and perspective candle formations. We analyze the possible paths and their probabilities using Elliott Wave charts.
All previous weekly and monthly analyses on gold are here:
https://investingangles.com/category/commodities/gold/
All analytics for gold, silver, palladium, and GDX are reserved for the subscribers of the Precious Metals and Ultimate packages.
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