Time for another summary of our Gold/USD-analysis track record. The success continues. Back in December 2016, we almost bottom-ticked the Gold/USD-price, as can be seen in our summary we wrote in early January, Track record: Gold/USD – 2017-01-14.
Here’s the summary chart we made back then (click the chart to open a full-size version), and please remember that as usual, the charts we use for our summaries are stripped of almost all indicators and all Elliott Wave-labels (which are reserved for our paying subscribers):
And we have continued to be very successful in analyzing Gold/USD. It’s time for a new summary and a new chart. Here’s the new chart below, again, please click it to open a full-size version of it, and again, please remember that we don’t show Elliott Wave-labels nor our full set of indicators in the summarization charts:
So, as we covered in the previous analysis summary for Gold/USD, we managed to call the latest bottom area for Gold/USD fairly well, almost to the day, and with an insignificant price difference, back in the final days of December 2016. Initially, our target was $1200-1220, of which $1200 was hit on the 12th of January 2017.
Next call we made was a minor warning on the 18th of January, that Gold/USD was overbought according to one of our indicator systems. This system does sometimes give false signals if a very strong trend is underway, but usually, it caps the market advances and declines pretty well. It is mainly used to further evaluate the potential risk/reward for positive or negative positions, at any given time. For all financial markets we analyze, we provide our subscribers with a special Daily chart with this indicator system.
As is readily available from the chart, Gold/USD did start a fairly significant sideways correction at the time.
On the 30th of January, the technical picture in Gold/USD cleared up even more, and issued a call for Gold/USD to trade to at least $1233 and at most $1260 over the next 1-2 months (the latter part of that prediction is yet to be fully borne out by the market though… we’ll see how it fares).
Then on the 21st of February, in our update, we noted that $1233 had been hit, and that $1260 was next to probably be tested, and that shorting from that level would be appropriate.
And again, on the 27th of February, just below $1260 in the Gold price series we use (it hit $1265~ish in the futures), we noted that while the trend did remain up, it was likely to end very soon – and the Gold/USD market has dropped since and broken several important supports.
Now, to be sure, the market has not yet borne out whether or not we will be right with our call that a multi-week correction in Gold/USD started from $1260 the other day. Maybe, maybe not. We’ll see. We can’t be right all the time, but we certainly strive for and hope to be. 🙂
To summarize the summary
All in all, this was a series of very good Gold/USD calls on our part. If you are interested in our Gold/USD analysis, you can get access to it (and currently 19 other financial market analysis sections) at only $19 per month (+possible VAT) through our Global Elliott Wave Coverage subscription service. We will accept a maximum number of 1000 members on this analysis service.