Gold’s surge through $4,000 an ounce has stunned investors and dominated headlines. Analysts are racing to attribute the rally to central banks, interest rates, and geopolitical stress.
Elliott Wave International identified this bull market in gold nearly two years ago — long before most analysts turned bullish.
On September 29, 2023, after a long period of neutral commentary about gold, EWI’s Elliott Wave Financial Forecast zeroed in on the “approaching wave 2 low,” which meant a powerful wave 3 rally was about to begin.
Gold bottomed five trading days later at $1810.20/oz basis spot. That ended a 3-year slog of sideways movement and kicked off one of the most powerful commodity rallies of the decade.
The November 2023 Financial Forecast confirmed, “Gold is on the move”! It certainly was.
Over the following year, The Elliott Wave Financial Forecast and our Short Term Update tracked gold’s progress wave by wave.
The conventional pundits, as usual, showed up late to the game. Bloomberg and other outlets began calling for $3,000 gold after the rally had already carried prices to $2,950 — which EWFF noted, “is not much of a forecast.”
Through mid-2025, The Elliott Wave Financial Forecast continued to track gold’s progression. As we said, in August 2025, “Since spiking to a high at $3500.17 basis spot, gold has been tracing out a triangle… Waves D and E will finish the pattern and lead to a rally to new highs.”
Now, in October 2025 – for the first time EVER – gold traded above $4,000/ounce.
EWFF’s ongoing pattern recognition — from the $1,810 low to present — showed readers exactly how the rally was developing in real time, wave by wave.
The same insightful Elliott wave analysis that tracked gold’s rise is on display in our Flagship Publications – The Elliott Wave Financial Forecast, Short Term Update, and The Elliott Wave Theorist.
WHAT’S NEXT FOR GOLD?
Subscribe to EWI’s Flagship Publications now to get ahead of the next wave.
