by Lawrence Williams, MineWeb.com
At a most interesting breakout forum alongside the Bloomberg Precious Metals Forum on Friday, Peter Goodburn, Founding Partner of WaveTrack International presented his analysis of what will happen to the gold price based on Elliott Wave theory (for notes on the Elliott Wave principles see foot of article.) And there was something in it for short term bears and medium to long term bulls – with the latter definitely benefiting most if the wave pattern plays out as projected.
To an extent Goodburn’s projections support the views of those analysts who see gold falling back to around $1100 if the Elliott Wave pattern plays out as predicted, but not for long! He showed that the gold price has been following an archetypal Elliott Wave price cycle and that the overall ‘gold ‘supercycle’/bull market, is not yet complete and will see another surge which will peak at the end of 2015 or very early 2016. But in the meantime the price would fall to the projected low of $1096 (give or take a few dollars) as part of the fourth wave retracement down from the 2011 high of over $1900 – and this low point will happen in July/August this year (which would enable the bearish bank analysts to say I told you so!).
Read more about Gold to fall to $1,100 then skyrocket – silver, platinum in behind
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