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.
An upwards breakout was again expected, but price remains range bound.
Upwards movement was expected for the main Elliott wave count.
A new alternate is provided today at the hourly chart level in response to volume analysis for Monday’s session.
Downwards movement unfolded for Tuesday’s session as expected. On Balance Volume and the 200 day moving average were enough to turn price down. A new low below 1,252.75 added a little confidence to the expectation.
More upwards movement was expected from last analysis. This is what has happened.
Price moved strongly higher exactly as the Elliott wave count expected for a third wave up. Targets remain the same.
Another upwards day sees the main and alternate Elliott wave counts switched over.
What is now the alternate Elliott wave count still remains viable. It illustrates the risk today to trading based upon the main Elliott wave count.
Price has moved lower and remains within the channel drawn on both the hourly and daily Elliott wave charts.
Gold has had a trend change. How high this next wave goes and what structure it takes will indicate which Elliott wave count at the monthly chart level may be correct.