Watching gold plunge to multi-month lows in recent weeks has been quite disheartening for the gold proponents. In the last 24 months, the real value of precious metals has continued to under-appreciate although gold managed to rally from $1165 to over $2085, a massive 79% surge.
The latest 15% plunge in gold has pushed away some investors from long-term investments. Researchers and analysts think that the downward trend is a perfect setup for an Intermediate Wave 4 pullback of a broader Wave 3 advance in the Elliot Wave Analysis platform.
Many believe that gold is in the midst of a wide advance cycle that may push its price towards $5000 and even higher. But the first thing to focus on from a technical analysis angle, is the wide market trend, the short term wave formations, and the intermediate market trends.
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