Vesna Jablanovic – University of Belgrade, Faculty of Agriculture, Nemanjina 6, 11081 Belgrade, Serbia



6th International Conference – ERAZ 2020 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT,  Online/virtual, May 21, 2020, CONFERENCE PROCEEDINGS

Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia

ISSN 2683-5568, ISBN 978-86-80194-33-2, DOI:



The basic aims of this paper are: firstly, to create the simple chaotic gold price growth
model that is capable of generating stable equilibria, cycles, or chaos; secondly, to analyze the local
stability of gold price in the period 2001-2015; and thirdly, to discover the equilibrium gold price with
Elliott wave logic in the observed period. This paper confirms the existence of the stable convergent
fluctuations of the gold price in the observed period. Also, the golden ratio can be used to define the
equilibrium gold price in the presented chaotic model.

Key words

Gold price, Stability, Elliot waves, Chaos.


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