Price remains range bound. All Elliott wave counts remain valid.
This week’s GDX analysis may indicate which Elliott wave count may be more likely for Gold.
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.
With a sideways range day, the Elliott Wave counts remain the same.
Last analysis warned it was possible that lows may again be tested, which is what has happened today. The Elliott wave target at 1,295 was inadequate; the low for the day was at 1,288.56.
A bounce was expected to turn up within 24 hours, which is what has happened.
An upwards swing was expected to continue. Price has made a new high and downwards movement within the session remains above the invalidation point.
A downwards day was expected for Thursday, and this is exactly what happened.
The target is now calculated at two degrees to a small $1 zone.
For Friday’s session a pullback was expected after a slight new high. This is exactly what happened.
Downwards movement still remains contained within the channel and above the short term invalidation point. Sideways movement for Friday leaves the Elliott wave count the same.
Sideways movement during Friday’s session has reacted exactly off the upper edge of the channel given on the hourly Elliott wave chart.
A new short term target is now calculated for this downwards movement to end and a bounce to begin.
A final upwards swing was expected by the strongly preferred Elliott wave count. This is again exactly what has happened.
An Elliott wave triangle and a classic symmetrical triangle are identified. Members are given trading advice and a most likely breakout direction, along with a possible target.
Overall sideways movement was expected for the week. So far price has moved a little lower, now finding support almost exactly at a long term trend line.