Based on the Elliot Wave Theory and other indicators, the next wave for a rise in price may be coming.
An article found on the website NASDAQ back in October of 2013 indicated that the stock market was following the trend of the Elliot Wave Theory. If it had applied the theory correctly, it may have been possible for investors to manage their risks a little better during that period.
Just like stocks, the correct implementation of the Elliot Wave Theory may be helpful when it comes to trading in precious metals such as gold. An article found on Forbes starts off by illustrating how the theory may be applied to the past price performance of gold. And by looking at past information, it goes on to indicate that a 5-year trend may be established to help guide investors.
Historically, gold and silver were much closer to each other in value. So it wasn’t surprising that when the price of gold went up, so did silver. This relationship most likely made it easier for investors as they could apply the Elliot Wave Theory to gold and get a similar outlook for silver and vice versa.
Possible Upward Trend 
Just like gold, the price of silver has been trading at a sideways range of the past few weeks. However, an article written by Vice-president for Business Development Miguel Perez-Santalla suggests that the long-term price chart for silver may be ready to break out. This sentiment may be echoed in a separate article entitled “Gold and Silver Ready To Rumble Higher?” where a new wave pattern may be apparent for the precious metals.
Furthermore, a discussion with Perez-Santalla stated that the number of buyers of precious metals has increased by as much as 85% at BullionVault. This may indicate that people are still concerned about the stability of countries around world, such as those within Europe. With the price of gold expected to test the USD 1,700 barrier, you can find more on silver here for those interested in a different investment.
Gold and silver have seen their prices rise and drop over the years. However, the application of the Elliot Wave Theory and other indicators may point to a coming rise in prices.