According to Tom McClellan, Oil follows Gold with a 18-20 months and so he forecasts a low for May 2024.
Gavekal IS Research has formally uncovered this lag though without issuing a strategic forecast.
The logic is that Gold "stores" the future price of energy
It is very easy to see that a 5 Wave pattern has occurred and is currently being followed by a rectangular ABC pattern. Supports are being broken, suggesting that the 1st Wave of a 5 Wave bearing pattern is unfolding.
The target is below 65, a major support/resistance line
A Gann target would be around 60 or 1/2 of the top at 120
Gavekal IS Research has formally uncovered this lag though without issuing a strategic forecast.
The logic is that Gold "stores" the future price of energy
It is very easy to see that a 5 Wave pattern has occurred and is currently being followed by a rectangular ABC pattern. Supports are being broken, suggesting that the 1st Wave of a 5 Wave bearing pattern is unfolding.
The target is below 65, a major support/resistance line
A Gann target would be around 60 or 1/2 of the top at 120