Nothing Strongly Bullish YET

As I am starting to write this update a few minutes after midnight, I am seeing the metals attempting to break down in what I believe is the final push to the completion of this correction which began 10 months ago.

Starting with gold, as you can see on the attached 13-minute chart, we are pressing against the pivot, which if broken, will likely then become resistance. At this point, I think the ideal target should take us just below 4000, but it can extend as deep as the 3800 region depending on how this progresses.

While silver may have begun its drop to the 53.50 region, there is a wonky structure now in place (due to what seemingly is a 3-wave high struck this week), which can allow for one more rally to the 60/61 region before the final drop takes shape. I cannot say this is a high probability at this time at all, but should we see a low struck followed by a 5-wave structure, this will alert us to this potential. For now, pressure remains down towards 53.50 as long as all bounces remain corrective 3-wave structures.

And, in GDX, I do not think I can be any more clear in that as long as we remain below 89.72, I expect one more drop to complete wave (v) of the c-wave of (2) in blue. Moreover, until we are able to break out over 89.72, I am unable to take the yellow count off my chart even though I see it as the lesser likely scenario at this time, especially for as long as we remain over the 77 region.

So, overall, while the metals did make a nice attempt recently, it has thus far failed and kept us mired in this 10-month long correction, which should be approaching its completion with one more decline.