Gold has been in the very strong rally lately and many wonder why the Instrument has been trading on a very technical way. We at Elliott Wave Forecast use the Elliott Wave Theory different than the rest.
We track over 100 instruments across the world, just to be able to locate the right side of the Market within either sector, groups and even within the groups. The reason for that is that the Market trades as a whole which means all Instruments are related to each other in an Intermarket way.
The following chart is showing the bullish sequence which was created when the instrument took 9/3/2017 peak at around 1360. Therefore, we have been telling to our members that we are looking for a minimum target of 1452.00.
The following chart was presented to our members. Which has been calling this powerful move higher ahead of time. We were able to anticipate a wave 3 higher. Now the instrument is trading over $300.00 higher and getting more and more interesting by the day.
In the last few weeks have been very interesting because another instrument related to Gold is showing the next possible move. XAUGBP which is Gold against the British Pound has taken the 2011 peak which is the same peak in Gold against Dollar in 2011.
The XAUGBP low in 2015 is the same as XAUUSD. Consequently, the break higher supports Gold against every other currency. The following chart shows the idea and path in XAUGBP.
XAUGBP 08.8.2019 Quarterly Elliott Wave Analysis
We at Elliott Wave Forecast analyze the market in a unique way. We use Elliott Wave Theory together with Sequences, Cycles, Correlation and more.
Many will not believe that Gold can trade into $2700 area. Many did not believe that $1450 was possible when the Instrument was trading around $1200.00 early this year. Our system was right and the sequences ending working. As always Market do not trade in a straight line, but knowing the right side is key, watch the following video and understand our view.
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