In late 2023, several of our analysts and services were identifying a developing trend in gold that many others did not yet see: a major breakout may be underway.
Read this forecast from the December 2023 issue of Global Rates & Money Flows as Murray Gunn told his subscribers:
Gold looks like it might be about to take off…
The gold price has been drifting sideways since 2020, but our Elliott wave analysis shows that could be about to change dramatically.
The chart above shows the price of the gold future using a weekly bar chart. A three-wave movement was traced out from the 2020 peak to the low in 2022. We label that as Intermediate degree wave (4), meaning that an advance in wave (5) is the modus operandi.
The rally from 2022 to the peak in April this year is a clear five-wave movement which we label as Minor wave 1. The three-wave corrective decline into October we label as wave 2…
Wave 3 of (5) up should now be in operation and has the potential to be powerful…”
What Happened Next?
As anyone following markets knows, gold did exactly that – and then some…
From around $2,000 at the time of that forecast, gold surged to a record high above $5,600 — nearly tripling as the larger bull-market structure unfolded.
What’s the story for gold now — and what may come next?
Subscribers can follow what our analysts are saying now.
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Murray Gunn Head of Global Research
Murray Gunn, MSTA, CFTe, CEWA, is Head of Global Research at Elliott Wave International. He worked as a fund manager in global bonds, currencies and stocks, including long posts at Standard Life Investments and the Abu Dhabi Investment Authority. Prior to joining EWI, he was Head of Technical Analysis at HSBC Bank. Murray is the author of the 2009 book Trading Regime Analysis and a contributor to Socionomic Studies of Society and Culture (Socionomics Institute Press, 2017). Murray is at the helm of EWI’s Global Rates & Money Flows and The European Short Term Update, while also providing commentary for Global Market Perspective.
