A small range day remains within the trend lines of the pennant pattern. The target remains the same. The breakout is expected within the next one to two sessions.
Price remains range bound. A breakout is expected shortly. Elliott wave counts provide targets.
Today Gold may be in the process of a classic upwards breakout from a multi-year consolidation. If this session closes above 1,374.91 (the July 2016 high) on an upwards day with support from volume, then have confidence in the breakout.
Today I have three Elliott wave counts, all of which are bullish.
A small range day with a long lower wick moves price a little lower. Downwards movement overall was expected from the main Elliott wave count.
Price continues to move sideways. The short-term structure fits the main hourly Elliott wave count best.
Price remains range bound at the end of the week after moving mostly sideways. All Elliott wave counts remain valid.
The bounce was expected to continue for Tuesday’s session, which is what has happened.
Downwards movement continues as expected from all three Elliott wave counts. Targets remain the same.
This analysis overall expects a downwards trend, which is how the new trading week has begun.
A little more upwards movement was expected for Wednesday to end about 1,307 to 1,310. Upwards movement has continued to reach a high at 1,310.17 so far.
A bounce on Friday remains below the short-term invalidation point for the hourly Elliott wave count. The mid and long-term targets remain the same.
Price remains below the short-term invalidation point. Both short-term Elliott wave counts remain valid.
A flag pattern is identified for Gold. A target is calculated using the flag pole.