Last Elliott wave analysis advised to assume the trend remains the same until proven otherwise. More upwards movement continues the trend, but it is now weakening.
A small bounce continued as the hourly Elliott wave counts expected. Price remains within the channels.
Trading advice given in last analysis favoured the bullish scenario. Members who opened a hedge or long positions should have profits.
Price has reacted strongly downwards after moving slightly higher to perfectly touch the long term bear market trend line, which was expected. A red daily candlestick was printed as expected.
Another small range inside day suggests a small Pennant may be forming. A new Elliott wave count sees a possible triangle completing.
Another upwards day was expected by both Elliott wave counts.
A very small range inside day only changes the Elliott wave count at the hourly chart level, slightly. The bigger picture and the target remain the same.
The bounce has continued as the alternate hourly Elliott wave count expected.
A bounce was expected to end about 1,281. The high for Wednesday’s session fell just 1.94 short of this target to reach 1,279.06. Strong downwards movement was expected following the bounce.
Downwards movement was expected for Thursday. Price did move lower to complete a red daily candlestick, but it was an inside day with a bullish long lower wick.
A small range inside day saw price move slowly sideways.
Sideways or slowly higher movement was expected. Tuesday has completed an outside day and Gold appears to be developing a small trading range with resistance about 1,265 and support about 1,245.
Upwards movement continues and price has remained within the upper half of the channel on the hourly chart, which was expected at this stage.
Trading advice is given to members to manage long positions towards the end of this week.