I see a sideways market. When I put the swing line on, you can see you've got a pattern of higher lows and higher highs. That's the definition of an uptrend.
The short-term dip in rates indicated by our wave counts is likely related to a stock market tumble. The projected tumble and the following inflationary rise in rates are good for gold!
To speak fundamentally, the gold remains undervalued whilst the S&P severely overvalued. From 2001, gold outperformed the S&P (including dividends) by nearly three times! Gold wins.
Many analysts believe the interest in gold is spilling over into the platinum market. Platinum jewelry sales were up nearly 300 percent year-on-year in the first quarter.
You have higher lows and higher highs – that's bullish. When you throw on Bollinger Bands, you get a target of $3409 if the market were to take off to the upside.
