Elliott Wave forecasting the rally in $Silver and $Gold

Silver and Gold had been little bit tricky in short term structures but the overall view was very clear. We kept our members on the right side of the market, calling the commodities bullish. We suggested buying them in the dips in 3-7-11 swings. The video below is a capture from London Live Analysis session held on 03/23 by EWF Senior Analyst Daud Bhatti.

 

As Daud explained in the video $Silver was showing the incomplete swing structure from the 13.643 low, calling the further rally toward 16.916-17.471 area at least. However, due to proposed Dollar short term strength, we expected to see ((x)) pull back first, to correct the cycle from the 14.599 low and $Gold to reach 1211.57-1197.57 as a potential buy zone before rally is seen toward new highs.

Later on , $Silver made double in proposed ((x)) pull back against the 14.599 low, which held nicely offering a buying opportunity. The price turned higher as expected and reached the target area at 16.916-17.471. $GOLD reached proposed technical area at 1211.57-1197.57 , found buyers there and made a new high in a wave (5) on 04/29 date.

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