In yesterday’s opening letter, we talked about the potential for gold to stage a corrective upside rally based upon our current Elliott wave count using daily charts. Today we saw another 29 dollars taking gold prices substantially higher.

Although multiple factors will influence the price of a stock or commodity, there are three primary essentials that market participants continue to focus upon because they provide insightful information.

In the case of market sentiment for gold, it seems to oscillate between a glass-half-empty or glass that is half-full. Recently an extremely robust jobs report shifted market sentiment, not to half-empty but almost empty.