The Road Map To New Gold Highs In 2013
GoldTradingExperts.com | Nov 26, 2012 03:56AM ET
Gold has been in a bull market for the last 12 years, with year-on-year gains in every calendar year since 2001. We believe that this bull market has a lot further to go, though we expect a top of some significance in 2013, year 13 of the rally, being a Fibonacci number.
After a significant correction, we then expect the gold price to move higher again in another multi-year rally, taking us to a major top in 2022, a 21 year super rally in precious metals the like of which the world has never seen before.
It is clear from the chart below that gold makes a cyclical top every 22 months. The last such major top was in September 2011, giving us our next cyclical top in June 2013.
From an Elliot Wave perspective, we were in a Wave 4 corrective triangle from this top in September 2011 until we broke out of the triangle in August 2012 and began a Wave 5 rally.
We believe that we have completed Waves 1 and 2 of this final rally leg and have just started Wave 3. This means that we have Wave 3, 4 and 5 to complete the pattern and take us to the cyclical high in June 2013.
The chart below shows how we expect the price to move over the next 7 months to arrive at our projected top at $2,400.
Following this, we then expect a significant correction to unfold in gold and silver which will take gold prices back to $1,300-$1,500 before the next major rally begins.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.