Gold Spot ($US/Oz) [revised]

Before proceeding to the 4-hour charts there is an overview of the spot $US Gold price since 1971. This monthly chart indicates that the fifth and last Cycle degree wave since the gold price was first floated is now underway and that Primary wave [3] is commencing. This period should see a return to a general desire for safe parking. When this fifth Cycle wave concludes the subsequent correction has a nominal target of C4. That future bear trend for Gold portends a corresponding bull trend for general equities.

The first of these 4-hourly charts projects the traditional cup and handle pattern breakout target. The Elliott wave notations are for decoration.

The second chart uses Elliott theory and Fib ratios to project the breakout leg (wave [iii]) action. The most recent highpoint is seen to be at the 50% point of the 3.62 projection of wave [i]  which may even turn out to be the case, but is nowhere near the cup and handle target.

The typical Elliott pattern projection gives 3 = $1568, [3] = $1690, [5] = $2022

LINK: Newer XAU/USD Charts

LINK: Download Elliott Theory by Robert Prechter