Introduction
The recent top in August 2020 was a very significant top from a cyclical point of view. After this crest I expected a 2 -5 years correction like in 2011-2015 would take place first before $Gold heads into higher highs again. Recently $Gold has founded support on old resistance in the middle of the main uptrend as seen in the chart below.
There is quite some resistance ahead of us, but if the tensions in the world keep on lingering this could add to a thesis we will see $Gold creeping op to a high around end of February-early March 2022, or even into August 2022 (or even later). This could create a double top (or even slightly higher), and if it does it will probably an Elliott Wave 5 of some degree. After which a 2-5 years correction will probably set in definitely for a longer term.
We will have to watch the chart in front of us what will actually happen. Anomalies can occur and cycles can contract/extend or invert. No advice.
Our paid subscribers here on Substack can read further on our short term analysis for the coming months on $Gold. I will also update our longer term analysis on the Stock Market Outlook 2022 - January update with additional charts and analysis for the case you are a subscriber there.