Gold, Silver - Elliott Wave Update

Gold Daily Chart

Both the precious metals are getting more precious by the day. But how long is this rise in prices of Gold and Silver expected to continue.  I say not very long but of course in duration, not in magnitude. We know that 5th waves in commodities are driven by fear of inflation, unlike in stock market 5th waves the controlling emotion is greed. So what now, as was discussed earlier, both Gold and Silver are breaking out from triangular consolidations, and that is always good news because the thrust as is evident from charts is more often than not swift and the magnitude can be forecast pretty accurately using EWP guidelines. Both Gold and Silver are in the wave (3) of [5] of the thrust from the triangle, hence are evidently very dynamic (aka sharp). For Silver though the minimum target for the thrust is the top of wave [3], around 66893, for Gold it is difficult to say anything at this moment, but the price rise in Gold may continue til we reach the upper channel boundary. All in all the situation is looking bullish for precious metals, and so is the case with Crude, which we are discussing regularly on this blog. We can get broad picture for an market using EWP, the internal details can be found out by tracking these markets on even smaller fractals, and looking for low risk opportunities to enter this trend.

Silver Daily Chart