Gold continues to be range bound exactly as expected.
A bounce is unfolding exactly as expected. The target remains the same and may be met in another day or so.
A small range inside day sees the Elliott wave analysis remain the same.
Volume for GDX offers a clue as to the next direction for price in the short term.
Downwards movement at the end of Friday’s session still remains within the consolidation zone that began back in late September.
Downwards movement continued overall as the last analysis expected.
A short term bounce was expected to continue for Friday. Price made a higher high and a higher low fitting the definition of upwards movement. The Elliott wave counts for this week nicely predicted price action.
A small correction finds support exactly where expected, at the upper edge of the base channel.
Yesterday’s hourly chart expected a bounce to about 1,218. The high for the session was 1,217.79.
Price moved slightly lower, which was not what the main wave count expected, but it was allowed for. No confirmation of a trend change has yet been seen.
Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
Price continues to move lower towards the target as expected.
An inside day for Friday’s session leaves both Elliott wave counts valid. Classic technical analysis may assist to determine whether the main or alternate Elliott wave count is correct.
Downwards movement ended 1.58 below the first target. A breach of the small channel on the hourly Elliott wave chart indicated a trend change, which was expected.