Sideways movement continues as the preferred Elliott wave count expects.
More upwards movement for the short term was expected for both Gold and GDX.
Downwards movement continued a little further as the main Elliott wave count expected, but fell 8.69 short of the target.
Price continued lower.
Two short term pictures with a clear price point which differentiates them are presented today.
Another new low was expected. This is so far what is happening.
The bigger picture is updated today with a new weekly wave count.
A larger range day moves price overall higher, which fits expectations for the main Elliott wave count.
A signal from On Balance Volume at the end of this week now offers support to the main Elliott wave count at weekly and daily time frames.
The hourly chart in last analysis expected a pullback for the short term, which is currently unfolding.
Price continues to move higher as the main Elliott wave count expects.
The weakness of upwards movement during the last four days has prompted me to produce an alternate, even though price has been moving in the expected direction.
Upwards movement to a target at 1,338 was expected for Monday. So far upwards movement has reached 1,337.79.
A downwards reaction was expected after a strong upwards thrust. Fibonacci ratios are used as targets for this pullback to end.
Price is moving slowly higher as last analysis expected it to.
Sideways movement continues. The short term picture at the hourly chart level is now changed with changing market conditions. With the high remaining in place, the main wave count is the same at the daily chart level.