Elliott Wave Forecast for Gold & Silver Hints at a Shiny Future

Gold prices reversed higher August 16. The silver price chart shows a similar bottom. The Elliott Wave forecast for gold and silver in the coming months is for higher prices and we are looking for silver to potentially outperform gold for those gains.

Gold and silver chart Elliott Wave analysis talking points:

  • Both gold and silver appear to have carved a medium term bottom on August 15-16
  • Several Elliott Wave patterns point to 6-10% gains in the coming months
  • The gold-silver ratio suggests silver may outperform gold’s rise

Gold’s Elliott Wave chart shows large rally potential

I have been relatively silent on gold’s chart since we called the top back in January and February as the Elliott Wave pattern has a few options at hand. If you recall from our article on January 25 “Gold prices hit 17 month high” (the day of the 2018 high) we forecasted a bearish reversal such that “in the coming months would be a correction down towards $1200.”

A couple weeks later, we published Elliott Wave forecast for Gold and Silver Paint Bullish USD picture. In it, we noted how the “divergence in price behavior [between gold

Article source: https://www.dailyfx.com/forex/technical/elliott_wave/gold/2018/08/31/gold-and-silver-rally.html