by Lawrence Williams, MineWeb.com
As usual the bank analysts are great at making forward price predictions based almost entirely on the current performance of whatever commodity they are analysing. It means they almost all inevitably miss any major turning points in price performance. This is particularly true of those forecasting precious metals prices and recently, given the sharp price falls which took gold down to around $1140, silver to $15 and platinum to below $1180, many of the banks have been rapidly adjusting their forward price predictions ever lower.
But there are others out there who see a different picture, often based on historic technical performance which tends to repeat over and over throughout long periods of history. Perhaps foremost among these are those who follow Elliott Waves…
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