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:
[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.
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