Price Target(s) for Gold (GLD)
Just wanted to see if you agree with my outlook on gold.
If you look at spot gold chart (monthly) since January 2016 it looks as if Wave 1 started and now were in Wave 3? Could this be possible and now were in a big bull gold market?
Reggie S – Lewisham, UK
Thanks for reaching out and yes, I agree with your overall view.
You will note in the chart below (I am using the ETF GLD by the way) that I have that initial move higher labeled as Wave W.
The implication is the same….higher levels, I just did not see the price action off the 2016 lows as impulsive.
Regardless, my price target zone is at $137-$157.
Elliott Wave aside, there are very bullish quantitative and momentum measure I look at that suggest gold prices will go higher as well.
Hope that helps.
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