The following premium content is provided courtesy of ElliottWavePredictions.com.Elliott Wave Analysis of Gold (XK futures contract) by Sid from ElliottWavePredictions.com. Click on the charts to enlarge. As many who follow my work know, I’ve been singing a bullish tune on Gold ever since I counted the terminal downward thrust from the burgundy X wave triangle complete in November 2014. As the weekly chart below shows, initially from that November 7 low, Gold jumped about 15% to the upside, but since topping on January 21, Gold has been in the process of largely retracing that initial surge. Today’s downside continuation appears to have scared a number of longs out of the market, but based on several technical factors, I will remain quite bullish on Gold as long as it does not take out $1132 to the downside.
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