A bounce for GDX and sideways movement for Gold were expected. So far both GDX and Gold are meeting expectations.
Upwards or sideways movement was again expected for both Gold and GDX. A small doji candlestick that moved price slightly higher on both fits this expectation.
Upwards movement was expected for the main daily Elliott wave count, which today has some support from volume analysis.
A little more downwards movement for Friday was not expected. Price still remains well within the allowable range for this small consolidation, for which there are still multiple Elliott wave structures.
Another upwards day fits expectations, but the technicals are a concern for the very short term.
Upwards movement continues as expected.
Last analysis expected that a small bounce may have begun. A green daily candlestick today fits this expectation exactly.
Downwards movement continues as expected, which is choppy and overlapping, which was also expected.
A small inside day does not change the Elliott wave count at this time.
A little more downwards movement has unfolded for Monday exactly as expected.
With New York closed for Presidents’ day, a very quiet session for Monday sees no change to the analysis.
Another downwards day was expected to see price continue towards the target.
Price continues to move slowly lower as the main wave count expects it to.
A little more upwards movement to 1,270 was expected. Price has moved higher to reach up to 1,268.58, just 1.42 short of the target.