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Gold Trend Analysis, Elliott Waves and Silver Ratio

Commodities / Gold & Silver 2020 Mar 03, 2020 - 05:03 PM GMT

By: Nadeem_Walayat

Commodities

Gold / SIlver Ratio

Gold price of $1560 divided of by the silver price of $18.07 results in a ratio of 86.3! The historic norm is for around 50. No I am not saying that Silver should trade to a ratio of 50 to Gold anytime soon. I will cover the prospects for the Silver price in a separate analysis.

So either Silver is CHEAP or Gold is EXPENSIVE, probably a mixture of both, which implies to expect Gold price weakness..


Trend Analysis

Gold breached $1566 and is now consolidating in advance of the next leg higher back through $1566 and then beyond the $1613 high set a couple of weeks ago.

MACD - The MACD shows that Gold is overbought and entering a corrective phase in terms of time at least i.e. the gold price may not fall much from where it currently trades, but neither is it likely to blast higher.

RESISTANCE : Gold is trading very near resistance of $1566 and then $1613. However the whole area from $1530 to $1630 is longer term resistance, which implies to expect choppy price action.

SUPPORT : Immediate support is at $1520 and then $1500. So downside looks very limited.

ELLIOT WAVES: Look very bullish, i.e. implies Gold is in impulse wave 5 that could run for another couple of months. So contrary to most of the above analysis.

The rest of this analysis has first been made available to Patrons who support my work: Gold Price Trend Forecast 2020

  • Gold Price Trend Forecasts 2019 Review
  • SEASONAL ANALYSIS
  • QE4EVER
  • US DOLLAR
  • LONG-TERM TREND ANALYSIS 
  • Gold / SIlver Ratio
  • Trend Analysis 
  • ELLIOT WAVES
  • Gold Price Trend Forecast 2020 Conclusion 

So for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $3 per month. https://www.patreon.com/Nadeem_Walayat.

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Your Analyst

By Nadeem Walayat

http://www.marketoracle.co.uk

Copyright © 2005-2020 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 30 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.

Housing Markets Forecast 2014-2018The Stocks Stealth Bull Market 2013 and Beyond EbookThe Stocks Stealth Bull Market Update 2011 EbookThe Interest Rate Mega-Trend EbookThe Inflation Mega-trend Ebook

Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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