An update of monthly charts.
Price remains range bound. A breakout should come tomorrow or early next week.
On Balance Volume shall be watched carefully; it may give a signal prior to a breakout.
Price continues to move sideways all week, which is what the preferred Elliott wave count expected.
The breakout is still expected to be in the same direction, and this has support from volume analysis.
A small doji candlestick continues sideways movement.
The expected direction for the breakout from this small consolidation is still the same.
Sideways movement continues as the preferred Elliott wave count expects.
A bounce was expected to begin last week. Price moved very slightly lower, but overall the week saw mostly sideways movement to print a doji candlestick.
Sideways movement this week continued for Gold exactly as expected.
All four weekly Elliott wave counts will again be reviewed at the end of this week.
On Balance Volume gives a weak signal this week that slightly favours one Elliott wave count over the other.
Overall, the larger trend remains the same.
A bounce for GDX and sideways movement for Gold were expected. So far both GDX and Gold are meeting expectations.