"For another thing", Elliot waves are long term general market indicators to do with traded equities. Certain singular metal commodities do not have Elliot patterns in short term (less than 2 year cycles), as they follow basically long, long term cycles.
Gold firmly follows the 40 month, 8 and 11 year long-term cycle as does inflation. It has a correlation with the market swings which follow, 10 month, 40 month and 5.5 year cycles as well as the long one, but it moves in negative correlation with the underlying market trend as well as shadowing the market in its short term swing.
Right now for gold to remain true to its recent history, it will only decline slightly if the market does too. But underlying the slight decline in the new year will be a longer term trend out to midsummer that will start to show in the spring. This long cycle deviation has been in effect for two years now, if you have not noticed. The short term one to two month 10 to 15 dollar swing has also been in effect.
So ultimately the gold market may test 330. But its upside in that case is firmly in the 370 to 400 range. It should reach a firm 370 by june, if it does not swing up suddenly. 30 dollar price moves in one day are not unusual historically. In today's dollars, 30 to 70 dollar prices swings or even 100 dollar prices swing in one year are not uncommon. This is from a constant dollar record going back 200 years.
If gold is not in a down trend, the historical average increase in gold's price including all drop-backs, - long term -, is 4.33 dollars per month. The average drop-back takes from one to two months, and is about 10 dollars. There are about ten such drop-backs per year. They are, of course, made up for. The worst drop back was 22 dollars in the last two years. So on that basis, we can expect a test to 325 worst case, and a price of 370.50 by June, with the worst over by April-May. I might add that such a catastrophic drop back is not indicated here, unless accompanied by a market collapse of 1500 points as well. On the other hand gold is tending to move against the market often so even in a market drop back this lag in gold is not guaranteed. Other forces, such as the dollar and bonds may be at work.
Gold has reacted it appears at first glance with the 2001 increase in commodities. However it is on a two year rise and "diagonally" (not ramp-wise), which is traditional. Commodities are not on a two year rise. From this we can see that gold is not a "pure" commodity. It has a distinct long term diagonal pattern, that is rarely unbroken for long.
I should point out that there is a good case for short two and three year price swings in gold. We have already seen this recently and the record, which is really an inflation record, goes back many years as well. From 1977 it should be remembered, gold appreciated from an approximate 100 dollar low to about 480 dollars in 1984. This is in line with our $4.33 price rise per month very closely.
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