LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Silver and Gold Still Looking Higher


 -- Published: Tuesday, 31 March 2015 | Print  | Disqus 

By Avi Gilburt

Back at the end of February of 2015, I provided you with a set up for the metals to decline strongly over a week or two period of time, to be followed by an upside reversal.  I was looking for the markets to test or even break their 2014 lows, and then begin a rally towards their 2015 highs. At the time of my writing that analysis, GDX was at 21.50, GDXJ was at 27, the GLD was at 117 and silver was at just under 17. When I wrote that article, the metals were at a local high, and we called the top of that bounce.  But, as the patterns developed to the downside, it became clear that silver was not likely going to test its 2014 spike lows (but did test its regular trading hour lows), but the others maintained their potential.

Two weeks ago, GDX bottomed just over its 2014 lows at a little over the 17 level, GDXJ broke its 2014 lows, and bottomed at just over 20.60, and the GLD came within 10 cents of its 2014 lows.  So far, the “evil” pattern has been playing out.  The question now is if this rally is going to extend up towards the 2015 highs?

To answer this question, and since I do not know what the market will absolutely do, I will say that we will have an important test before us.   Remember, we are in a larger degree corrective pattern, and they can take many unexpected twists and turns.  So, for now, I have counted the moves off the lows as, primarily, a wave 1 of a bigger (c) wave, or, alternatively, as an (a) wave of a lower b-wave target.  Both of these scenarios still suggest that higher levels will likely be seen over the next month or two. 

But, that brings me to a major test the market must now pass, and that is one of support.  The current pullback – which was called for in our Trading Room last week in the alerts sent out to subscribers – does not yet look complete.  But, as long as the GDX remains over 17.90, the GLD over 111.40, and silver over 15.80, I will continue to be looking higher towards the 2015 highs, with the potential for silver and GDX to exceed those highs, and even attain levels of 20-22 in silver and 23-25 in GDX.  A break out over last week’s high will make it clear that my expectation for further corrective/pullback action is wrong, and we are on our way to the higher targets.

However, while we may have a pattern in place to potentially attain the 2015 highs, or even a bit higher, I will likely be exiting any short-term long positions after the next 5 wave move up.  While we can certainly see higher than the next 5 wave structure – assuming it is only wave 3 in a (c) wave - anything beyond that point carries with it heightened risks. 

While I ideally want to see a full 5 wave (c) wave higher to the levels mentioned above, I do not trust a rally within a corrective pattern, and will look to book profits and begin shorting the market after the next 5 wave rally off support.  Again, while my ideal is a completed (c) wave higher, I will trade it as if it is only a 3 wave move higher, unless we see a CLEAR 4th wave consolidation after the next 5 wave rally off support.

See Avi’s charts illustrating the wave counts on the metals below:

 Elliott Wave Chart
 Elliott Wave Chart
 Elliott Wave Chart
 Elliott Wave Chart
 Elliott Wave Chart
 

Avi Gilburt is a widely followed Elliott Wave technical analyst and author of ElliottWaveTrader.net (www.elliottwavetrader.net), a live Trading Room featuring his intraday market analysis (including emini S&P 500, metals, oil, USD & VXX), interactive member-analyst forum, and detailed library of Elliott Wave education.


| Digg This Article
 -- Published: Tuesday, 31 March 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

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


Map

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.