Jul 132011
 

Can we do an Elliott Wave analysis of Gold expressed in Euros? Sure. Maybe it will give us some clarity about the GOLD/USD picture ( or perhaps it will confuse us some more!)

Elliott wave analysis of GOLD/EUR or the price of Gold expressed in Euros suggests that we will probably continue higher until we reach 1200 levels. Take a look at the attached weekly chart of Gold/Euro and you will understand why I think this is likely.

  15 Responses to “Analysis of GOLD/EURO”

  1. Dear Ramki, “Elliott Wave Magic” suggests a return to approx 650 based on an extended fifth wave and the return to the area of the second wave within the extended fifth wave. Am I correct in this analysis? Also, if the QXAUEUR ratio were to decline back to 650 (wave 2 of extended wave 5), then the Euro currency value would be @ $1.76 with Gold at $1155 (wave 2 of extended wave 5). Is my math correct?

    • Hi Bob, (a) You analysis is correct if my approach is also correct. Otherwise both of us are wrong! (b) The decline of Gold/USD to 1135 (if and when it happens) may not correspond to the time when Gold/EUR is at 650

  2. Extended fifth in an extended fifth?! Blood awaits. :)

  3. Either the Euro is going to gain some serious relative value, or Gold is about to implode. Only a matter of time, isn’t it?

  4. I follow your EW analysis and find your charts shed some light on a complex subject. Just looked back at your gold/euro chart and I have a question….is the 1201 area the 1.618 of 0 to 3 rather than an equality measure? If so, an even more extended 5th wave!

    Thanks.

    Jim

    • Jim, you have sharp eyes! Yes, that was 1.618 times the distance from 0 to 3, and hence is a very long extension. It also gives one extra confidence to take a contrarian view near 1200 area (if seen) because even in the event that that move was only a 3rd wave, we will still get a fourth wave down. Good luck.

  5. it mean sir now gold in 3rd wave and after reach 1200 gold come down in 4th wave and after that 5th wave up after these move gold come in major down move.pls guide me i also stucked in wrong position

  6. Sir i m Badly Stuck In Gold At 1540 Levels —Plz Give Ur View So THT I Can Exit my Position!!!
    If u Give Paid Calls i m Ready To SUbscribe …

    Regards
    Manoj Kumar

  7. sir pls update about gold . now many traders are stuck in gold .they want your help .pls help them

    • Hello Gaurav
      I think Gold can go as high as 1940 in the current environment. However, I would not be willing to get into any trade in Gold at these lofty levels.

  8. ramki. do you have an analise about what is happening to gold nowadays. since your comment some major changes happened I think. Can you share your opinion with us. Thank you so much

 Leave a Reply

(required)

(required)