Upwards movement on Friday indicates the first wave down is complete. Fibonacci ratios are used to calculate targets.
Price remains range bound and strong support continues to hold. Price points for support and resistance are identified. A breakout is required for confidence in the next trend.
Upwards movement was expected. A higher high and a higher low fits the overall expectation.
Yesterday members of Elliott Wave Gold were given a target for more upwards movement and told to expect a further increase in upwards momentum. The target remains the same, and momentum is increasing exactly as expected.
A pullback was expected to end about 1,209 and then be followed by upwards movement. The pullback has ended at 1,211.24, just 2.24 short of the target. This is now being followed by a strong upwards session.
Price remains within an identified consolidation zone.
A new hourly Elliott wave count is considered for the very short-term picture.
A small sideways consolidation was expected to unfold for a fourth wave. This is exactly what is happening.
Price remains range bound.
On Balance Volume may give a signal in the next very few days.
Downwards movement continues to unfold slowly as both Elliott wave counts expect, at least for the short term.
Upwards movement was expected to begin the week for both Gold and GDX. This is exactly what has happened.
The main hourly Elliott wave count for Friday expected a new low at least slightly below 1,218.61 but not below 1,212.11. A new low to 1,217.68 fits this expectation very well.
The alternate daily Elliott wave count remains valid.