We expect a rise into a new high on gold after a recent sharp rally through the red resistance line that connected it from all-time highs. This break is now very similar to the one that occurred in 2009 when gold was trading around $900 per ounce.
In fact, from an Elliott Wave perspective this recent price action definitely looks corrective: a nice wave IV that will put wave V in progress, possibly towards $2000 per once.
Gold Elliot Wave Analysis – Click image to enlarge
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If you want to see more detailed analysis for gold and some other major markets then please check our video from Nov 13th. You will find out where we think the markets are headed next.