Our rendition of an Elliott Wave chart shown on the next page says it’s time to sell gold; i.e. once minor corrective rally Wave ii completes—that may be today). Targets lower are 1,210; then 1180-level. And if the US dollar catches a major bid, there is scope to test the swing low of 1,123 from mid-December 2016 (gold vs. dollar weekly chart page 3). Note: The 55-week gold to US dollar index correlation is a whopping -84.3%; i.e. as gold goes up, the dollar goes down, and vice versa.
Gold Futures Daily Wave Chart
Gold Futures vs.. US Dollar Index Weekly Chart
We should find out soon whether Mr.. Elliott is correct..
Regards,,
Jack Crooks, President, Black Swan Capital
jcrooks@blackswantrading.com
www.blackswantrading.com
772 – 349 – 6883 / Twitter: bswancap
