Why the gold price could soon reach 3,750 US dollars
Investors should not be shaken by the recent drop in the price of gold. Gold has already risen again
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In order to forecast the further development of the gold price, it is also worth taking a look at the Elliot Wave structures. The Elliot Wave Theory is a recognized form of technical analysis. The rhythm of mass psychology manifests itself in the form of waves, with the waves indicating the trend.
Chris Vermeulen, technical analyst, trader and founder of Technical Traders, and his team studied the price of gold using the Elliot Wave Theory. They found out that gold is in a broad forward cycle that could still put pressure on the price. There are 5,000 US dollars and more per troy ounce of gold.
The different waves are observed. As a result, the gold price could end the next rally phase near $2,700 an ounce. Then a new corrective price wave should come. By the way, the Elliot Wave Theory is intertwined with perhaps some well-known Fibonacci price theory. In any case, a low point in price must be reached for a new wave to come up and this fifth wave just points to a price of $2,700 or more. The fourth wave is the correction wave and it is somewhere above $1,715.
Elliot Wave Theory specialists believe that the gold price is on a large upward trend, although this is a long-term forecast. Nevertheless, now might be the right time to get gold companies like Canagold Resources or Aguila American Gold into the portfolio.
Canagold Resources (until recently Canarc Resource) - https://www.youtube.com/watch?v=eWhKJz9pVRI&t=6s - has just received a permit for exploration work on its New Polaris gold mine project in British Columbia. This is the Company's most advanced and high-grade project of several gold projects in North America.
Aguila American Gold - https://www.youtube.com/watch?v=kTL7DtiLW8o&t=2s - is focused primarily on the Wusa gold-silver project in Oregon. Four potential areas, with samples yielding up to 5.51 grams of gold per tonne of rock, are ready for drilling and offer great potential.
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