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Gold Prices: The calm before a record run

Commodities / Gold & Silver 2024 Aug 17, 2024 - 12:26 AM GMT

By: EWI

Commodities

The basis for analysis and forecasting at Elliott Wave International is fundamentally different from everyone else’s.

Here's a prime example in gold.

This excerpt is from the March Elliott Wave Financial Forecast, when gold was trading below $2,050/oz.


Gold’s three-month implied volatility has declined to its lowest level in over four years. While low volatility is not a short term timing tool, low volatility eventually precedes high volatility. At the same time, total open interest in gold futures has declined to its lowest level since December 2018, as traders are either closing futures contracts or abstaining from opening new ones. The low level of open interest means that investors’ attention is turning away from gold, and the low implied volatility indicates that investors do not expect gold to move much over the course of the next three months. Both are preludes to what we see as a major move forming in gold prices.

Gold rallied to $2,500/oz in five months following our forecast.

Has the rally stalled or is there more to go?

There are two ways you can benefit from our precious metals coverage now. See your subscription options.

Not ready to subscribe? Read our must-read Highlights Issue on gold and silver for free now..

This article was syndicated by Elliott Wave International and was originally published under the headline Gold Prices: The calm before a record run. 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.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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