In order to forecast the further development of the gold price, it is worth taking a look at the Elliot Wave structures. Elliot Wave Theory is a recognized form of technical analysis. The rhythm of mass psychology manifests itself in the form of waves, with the waves indicating the trend.
Chris Vermeulen, technical analyst, trader and founder of Technical Traders, and his team studied the price of gold using Elliot Wave theory. It then emerged that the gold price is in a broad forward cycle that could still put pressure on it. There are 5,000 US dollars and more per troy ounce of gold.
The different waves are observed. As a result, the gold price could end the next phase of rally near $ 2,700 an ounce. Then a new corrective price wave should come. Incidentally, the Elliot Wave theory is intertwined with the perhaps well-known Fibonacci price theory. In any case, a bottom in the price has to be reached for a new wave to come up and this fifth wave points to a price of 2,700 US dollars or more. The fourth wave is the corrective wave, and it’s somewhere above $ 1,715.
The specialists of the Elliot Wave Theory assume a large upward trend in the gold price, although this is a long-term forecast. Nevertheless, now could be the right time to get gold companies like Canagold Resources or Aguila American Gold in their depot.
Canagold Resources (until recently Canarc Resource) has just received an exploration permit on its New Polaris gold mine project in British Columbia. Of several gold projects in North America, this is the Company’s most advanced and high grade project.
Aguila American Gold – https://www.youtube.com/watch?v=kTL7DtiLW8o – primarily focuses on the Wusa gold-silver project in Oregon. Four potential areas with samples recovering up to 5.51 grams of gold per tonne of rock are ready for drilling and have great potential.
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