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.
The short term target was about 1,236. Downwards movement continued for the session as expected to reach 1,236.54.
Members are today offered very specific trading advice on how to manage existing short positions and on how to join the trend.
The preferred Elliott wave count expected more sideways movement, which is exactly what has happened for the last several sessions. The target for the next swing remains the same.
Another slightly higher high and higher low sees price move upwards in slow, choppy overlapping movement.
Although price is overall moving higher as has been expected, the choppy overlapping movement is now indicating that this B wave may be a triangle. That possibility is charted and published today for Elliott Wave Gold members.
Before upwards movement this week, another test of lows was expected to be most likely about 1,266. This is exactly how the week has started, with a slight new low to 1,266.25 before price turned sharply upwards.
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.
A very small range weekly candlestick has moved price sideways and very slightly higher.
Downwards movement continued overall as the last analysis expected.
The upwards movement over the last week has remained below the invalidation point on the daily Elliott wave counts.