Time to sell gold? The Mr. Elliott we know thinks so…

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“Nothing whets the intelligence more than a passionate suspicion, nothing develops all the faculties of an immature mind more than a trail running away into the dark.”

― Stefan Zweig, The Burning Secret and other stories

 Commentary & Analysis

Time to sell gold?  The Mr. Elliott we know thinks so…

110717 gold falling.jpg

Our rendition of an Elliott Wave chart shown on the next page says it’s time to sell gold; i.e. once minor corrective rally Wave ii completes—that may be today). Targets lower are 1,210; then 1180-level.  And if the US dollar catches a major bid, there is scope to test the swing low of 1,123 from mid-December 2016 (gold vs. dollar weekly chart page 3).  Note: The 55-week gold to US dollar index correlation is a whopping -84.3%; i.e. as gold goes up, the dollar goes down, and vice versa...READ MORE