Sideways movement has continued this week. Volume may indicate the most likely breakout direction from the consolidation.
On Balance Volume may give a signal next week.
Upwards movement was expected to be limited, and so far this is what is happening.
Last analysis expected a downwards breakout from a small Elliott wave triangle was underway, which is exactly what is happening.
A bounce for GDX and sideways movement for Gold were expected. So far both GDX and Gold are meeting expectations.
All four Elliott wave counts are reviewed in today’s end of week analysis.
GDX continues to move lower as expected, and is now close to the short term target at 17.37.
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.
More downwards movement for both Gold and GDX has unfolded exactly as expected.
The short term target for GDX was 18.17. A low today for GDX at 18.15 met and slightly exceeded the target.
Downwards movement continues for both Gold and GDX as last analysis expected.
A new target is calculated for Gold. Targets for GDX remain the same.
Upwards movement was expected for the main daily Elliott wave count, which today has some support from volume analysis.
A new high very slightly above 1,234.67 now adds confidence to the main Elliott wave count.
An alternate Elliott wave count is still considered.