Downwards movement for Friday was weak.
A new alternate bearish Elliott wave count is developed today that expects Gold and Silver to move together.
A new high above 1,503.29 indicated a short-term bounce. The high for the session thereafter was reached at 1,521.27.
A small range inside day continues a possible pennant pattern. The target calculated from the flag pole remains the same.
Currently, price is bound by support and resistance. The preferred Elliott wave count sees this consolidation as a B wave that is incomplete.
A small range inside day leaves all three Elliott wave counts valid.
A bounce was expected to continue higher for one or two sessions, which is so far what has happened.
A small range inside day leaves all Elliott wave counts essentially the same.
The neck line of the Head and Shoulders pattern continues to provide resistance, as does the short-term channel on the hourly chart. The Elliott wave targets remain the same.
A counter trend bounce was expected to end most likely about 1,297 to 1,301. The high for Monday is at 1,303.15, just slightly above the target range.
Price remains below the invalidation point and the channel on the daily chart. The Elliott wave count remains the same.
The first point looked for to give confidence in the Elliott wave count is now seen in a candlestick reversal pattern. Today completes an Evening Star on the daily chart for Gold.
The second target was met and price kept rising. The third and final target may now be used.