Downwards movement was expected to continue for the new week. So far this is what is happening.
Sideways movement was expected to continue.
A strong upwards movement to end the week favours the Elliott wave triangle count. However, to increase the count’s probability, the confidence price point still needs to be passed.
A new low invalidates the main daily Elliott wave count and confirms the alternate. A new target is calculated.
A small inside day fits the idea of a multi day consolidation unfolding.
A slightly lower low and a small range day mostly fits short term expectations.
Although it is slow, upwards movement continues as expected. The channel on the hourly chart should be useful early next week in providing confidence in the Elliott wave count.
Yesterday’s analysis stated to look for a turn and a bounce while price remained above support. Price remained above support at 1,305 and a turn and a bounce transpired.
Last analysis expected a trend change and upwards movement for Gold. This is exactly what has happened.
A strong breach of the channel on the hourly chart has indicated a low is probably in for Gold, at least for the short term. Upwards movement then has continued as expected after the breach.
A little more upwards movement to 1,270 was expected. Price has moved higher to reach up to 1,268.58, just 1.42 short of the target.
A bounce is unfolding exactly as expected. The target remains the same and may be met in another day or so.