-- Posted Thursday, 3 April 2008 | Digg This Article | Source: GoldSeek.com
Elliott Wave on Gold and Silver
Apr 2 2008
Short Term Forecast
The price action for Gold and Silver appears to be in a wave (2) or wave (B) correction. We should see the price of Gold and Silver advance to the recent highs attained on Mar 26th 2008. This wave up will also confirm if the intermediate highs are in place for the metals. A failure to move above the wave (2) or wave (B) target areas would indicate further downside and that a larger correction is in play. A move above the target areas would suggest further upside towards the highs. A failure to attain the target areas would indicate that a smaller wave 2 correction is in play and further downside would be expected. We have discussed a few scenarios, but we are expecting at least an advance to the Mar 26th price area.
Gold
Silver
We need to see the price action break above the upper trendline to support the rise into the wave C target area. A failure to break above this line would indicate that a smaller wave 2 rally is in play.
These charts are only a guide so that you can follow the action and watch for the expected action in the the wave (2) or wave (B) target area. The action could play out exactly as illustrated or it may need minor adjustments as we follow it through.
If you are interested in viewing these updated charts and other detailed charts with targets on a daily basis, please see the registration details below.
To learn more on the status of Gold, Silver, HUI and the USD, please visit the link below for registration details. The commentary and forecasts are updated daily, including intraday commentary and chart updates. Fibonacci pivot dates and cycle analysis are also utilized to forecast reversal dates. The indices covered include the NASDAQ, DOW, S&P 500, Nikkei, and DOW Transports. Commodity charts include the CRB Index, Copper, Crude, Gold, Silver, HUI and the XAU (Gold and Silver index). Additional Elliott Wave charts cover the US Dollar (USD),CAD, Euro, 10 Year Treasury Note Yield (TNX), Nortel, Ballard Power, EBay, Encana (ECA), North American Palladium, Gold Corp, Pan American Silver, Central Fund (CEF), Couer D Alene Mines (CDE), Newmont Mining (NEM), Agnico Eagle Mines (AEM) and Denison Mines.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
