Overall, sideways movement continues as expected from the Elliott wave counts.
The short-term target for upwards movement for Friday was 1,250. Price moved higher to reach 1,249.66, just 0.34 short of the target.
A small range inside day leaves all Elliott wave counts the same.
An upwards breakout from a small Elliott wave triangle or a classic pennant pattern was expected, and this is what has happened.
Candlestick analysis is used today to determine if the target remains likely.
Price remains range bound. A breakout should come tomorrow or early next week.
On Balance Volume shall be watched carefully; it may give a signal prior to a breakout.
For GDX the target remains the same and resistance continues to hold as expected.
Another inside day completes a Shooting Star candlestick pattern. The implications of this pattern today are evaluated in context of recent price movement.
Members’ attention today is directed to the long term picture for GDX, which is significant for this market.
Technical analysis at the end of this week focuses on candlestick patterns along with a very few key indicators. A strong pattern at the end of the week suggests the direction for next week for Gold.
A candlestick pattern on the daily chart in combination with volume analysis indicate the most likely scenario for early next week.
Downwards movement continued as last analysis expected it to. The target remains the same.
Downwards movement today breached a trend line on one of the daily Elliott wave counts, and because of the breach it has now been discarded.
Volume analysis today is used to indicate the most likely direction for tomorrow.
A small bounce was expected to continue the new trading week. An outside day remains above the last low, and the higher high fits expectations.