Stunning Chart Shows Gold and Silver Defy Bulls' Optimism

By Elliott Wave International

Gold and silver have been all over the financial news.

On Thursday, June 20, silver fell below $20 (-60% from 2011 high), and gold fell below $1300 (-30% from 2011 high).

We first published the chart below after metals plunged in mid-April. It shows EWI's forecasts not only leading up to those big moves ... but during the past three years of opportunity.

Three years of volatile price action in these two markets is plain to see. And the forecasts speak for themselves.

Overwhelmingly, most metals experts favored the other side of the gold and silver trend for the past three years - and they still do today. Meanwhile, EWI subscribers were prepared ahead of time for nearly every important turn.

Now, some periods are more vexing than others. But currently we are in a period where the wave patterns are particularly clear.

Metals prices may bounce higher near-term - like we warned they would do after the April 16-18 lows - but the quotes on the chart clearly show how countertrends are the source of opportunity. And that is the great strength of pattern analysis via the Elliott wave method, along with tools like sentiment, momentum and price.

For a limited time you can see the full story in metals in a free report from EWI. See below for more details.

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Elliott Wave International forecasted nearly every
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In a 10-minute video titled Gold Defies Bulls' Optimism,
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This article was syndicated by Elliott Wave International and was originally published under the headline Stunning Chart Shows Gold and Silver Defy Bulls' Optimism. EWI is the

world's largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to

institutional and private investors around the world.

4 thoughts on “Stunning Chart Shows Gold and Silver Defy Bulls' Optimism

  1. I'm not sure of any predictions concerning gold, silver, crude oil or the dollar. If articles like these have any merit what-so-ever then there's no way to trust one's analysis. If the Fed (or international Feds) really can manipulate the world's currencies and markets so easily then why even try to predict support and resistance, breakouts, COT reversals and trend continuations?

    1. Dear friend,

      Much thanks for providing very interesting and eyeopening resources.

      one thing i must point-out that nothing can be hide from chart, and chart tells everything, if we can hear it in a due manner.

  2. Yup, the BoJ has been doing a great job lately of painting the tape on gold - wonder how long they can keep it up.
    Can you imagine stomping on the Yen only to have citizens investing in gold? Undesirable to say the least.

  3. After the Gold Fall of Mid April, many such reports published, As i am not subscriber of EWI, so i don't know, whether they have published any such anticipatory report for probable gold fall, Because "Before" and "After" Factors is ultimate criteria for judging relevance, reliability or applicability of any sort of forecasting, prediction, or probability.

    As specially for Gold movement, chart has given quite early warning after forming all time high around October 2012, and bull trend was effectively violated since end of 2012, so only that reports or forecasting is applicable which were published just around December 2012 or early January 2013, but even globally, how many analysts, succeeded to deliver such kind of specific and precised future probability reporting?

    All rest predictions or reporting can be treated just as an useless, meaningless and non applicable "After Thoughts" and analysts worldwide have almost done this job.

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