Some downwards movement was expected for Gold and that is what has happened for the short term for both wave counts, which are now being followed on a daily basis.
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.
Today more upwards movement was expected for Gold and either upwards or sideways movement for GDX. With Gold moving slowly higher and GDX moving slightly higher, this is exactly what has happened.
GDX and Gold both continued lower for the week as expected.
With Gold now having developed an extreme downwards trend, candlestick reversal patterns may be used as warnings that the trend may either end or be interrupted by a consolidation to relieve extreme conditions.
Again, downwards movement continues for both Gold and GDX as last analysis expected.
New targets are calculated for Gold and GDX. The long term target for GDX remains the same. Members are given some advice on how to manage short positions for GDX today.
Sideways movement over the last couple of weeks still mostly fits the main Elliott wave count for Gold. A short term alternate is still provided.
An inside day for Monday sees price remain above the invalidation point on the hourly Elliott wave count.
A new alternate idea for the very short term is presented today.
Downwards movement continued a little further as the main Elliott wave count expected, but fell 8.69 short of the target.
Price remains above the invalidation point, finding support at the trend line on the main daily Elliott wave count.
Upwards movement was expected for the main daily Elliott wave count, which today has some support from volume analysis.
The main Elliott wave count expected upwards movement. A small upwards day fits this expectation.
Price remains above the invalidation point and within a small consolidation zone.