Downwards movement for Friday was weak.
A new alternate bearish Elliott wave count is developed today that expects Gold and Silver to move together.
Upwards movement has continued and remains below the invalidation point and within the base channel. Today a bullish signal from On Balance Volume prompts a relabelling of the bullish daily Elliott wave count.
A little more upwards movement for the very short term was expected to about 1,492. Upwards movement did continue but more than expected, reaching 1,504.08. Price remains below invalidation points.
The preferred bearish Elliott wave count expected a bounce for the short term up to a target at 1,492. So far some upwards movement for the session has reached 1,485.43.
Overall, both Elliott wave counts have expected downwards movement. The first short-term target at 1,464 has almost been met with a low today at 1,465.83.
Again, downwards movement was expected. For the short term, a bounce was expected to begin about the lower edge of the channel on hourly charts. This is what happened at the end of Friday’s session after downwards movement.
More downwards movement was expected. Price has moved very slightly lower to complete a small range day, which remains well below the short-term invalidation point.
A bounce was expected to end soon, and the downwards trend was expected to thereafter resume. Strong downwards movement today indicates the bounce is over.
A bounce was expected to continue up to about 1,529. The high for this session was at 1,534.62.