Gold's 28-year cup and handle; and the week-ahead gold forecast from ChartsEdge

I've got some comments of my own about gold, while I'll provide below, relating to a 28-year cup-and-handle formation as well as the daily and weekly outlook. First, here's the week-ahead cycle forecast for gold, from ChartsEdge (listed in the "other sites of interest" to the right):

And now my own comments - Looks like this forecast is consistent with the idea that gold's price may continue to keep us guessing whether it's just going into more of the second-wave pullback according to Tony Caldaro's Objective Elliott Wave count; or going for a "deeper dive" into the second part (large wave (C)) of a larger fourth-wave correction. I've added my own daily and weekly charts below, as well as a monthly chart on which I've made some more markings. I know there are some Elliott Wave analysts out there, including some prominent names, that are looking for gold to go much lower. Maybe. I think it's premature to say that gold doesn't have more upside, after a pullback of some amount. For those wanting to gauge what pullback level to look for, there are the levels I've mentioned recently (850, with perhaps a poke lower about 843/846), and there are somewhat deeper levels (such as 809 and 750) also possible. And we'll also be looking for channel trendline support on the weekly chart. As for the monthly chart showing 28 years of data - it certainly raises some interesting possibilities. It's difficult to believe that gold broke above the level of what looks like a long-term cup-and-handle formation, with the kiss-back to that breakout level having already occurred, without having higher levels ahead. So it's reasonable to think that gold will find support at one of these levels. Then once it's found support at a trading cycle low, we may see another good move up.


The possibility of a continued pullback in gold would also be consistent with my thoughts about the rally potential for the dollar. But of course, the possibility of gold reaching significantly higher after a pullback, is very consistent with the economic discussions about more inflation ahead, maybe even hyperinflation. For now, the indicators on the daily, weekly and monthly charts confirm the cycle and Elliott Wave suggestion that gold extends its pullback. for a bit