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.
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.
A higher high and a higher low for Thursday’s session is the definition of upwards movement. Upwards movement was what was expected.
The lower edge of the channel on the hourly charts has perfectly shown where pullbacks are finding support.
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.
A slight new low in the last few hours changes the Elliott wave count for the short term, but not the mid or long term. This is still expected to be a B wave, which exhibits the greatest variety in structure and price behaviour.
Last analysis expected long positions to be held for those with a longer time frame, and stops to be pulled up to just below 1,260.70. The target remains the same, and long positions should now have much less exposure to risk.
In last analysis, after the close of the New York session for the 18th of October, Elliott Wave Gold members were advised to enter long with stops just below 1,260.72. Those long positions should now be profitable.
Advice is given today on how to manage positions with targets and any adjustment of stops.
Further downwards movement continued as the last analysis expected.
Last analysis expected upwards movement to continue towards a target at 1,320. Price did make a new high but was well short of the target.
Analysis for the last two days has advised members to assume the trend remains the same, upwards, until proven otherwise. Friday has continued the upwards trend. A new short term target is now calculated.