Upwards movement continues as this analysis expects. A new alternate hourly Elliott wave count is considered today.
Upwards movement was expected. Price has moved mostly sideways, with a very slight new high.
Downwards movement for Friday’s session remains well above the Elliott wave invalidation point and well above the prior day’s low.
Sideways movement was expected. An inside day for Thursday fits with this expectation.
Price has behaved exactly as yesterday’s first hourly chart expected. A consolidation looks to have arrived.
Downwards movement was expected as fairly likely for Monday’s session. An inside day is complete; price has mostly moved sideways. This changes the short term picture.
The classic triangle pattern is identified; a breakout may come about 73% to 75% of the triangle length (this is calculated today). Members are advised on when we may see a breakout.
A little upwards movement fits the second Elliott wave count again quite nicely. This preferred wave count expects some more sideways movement, and then a breakout from the range Gold has been contained in now for some weeks.
Volume will be relied upon strongly today to judge the next most likely direction for Gold.
Downwards movement remains above the invalidation points on the daily charts. Price remains within the consolidation zone which it entered back on the 27th of September.
Price does not move in straight lines within consolidations, and Friday’s strong downwards movement is evidence of this fact.
Upwards movement continues as expected for this analysis.
On Balance Volume today gives an important signal that will be given reasonable weight in this analysis.
Upwards movement was expected for both Elliott wave counts. A higher high and a higher low with a green daily candlestick for the session fits expectations.
Price continued lower changing the Elliott wave count for the short term. Hourly charts today will show all movement from the last swing high on the 16th of October.