Some downwards movement for the very short term was expected by the preferred Elliott wave count. This is exactly what has happened to end the trading week.
Last Elliott wave analysis advised to assume the trend remains the same until proven otherwise. More upwards movement continues the trend, but it is now weakening.
The target for more upwards movement was 1,277, but it has not been met yet. Price did make a slight new high.
Sideways or slowly higher movement was expected. Tuesday has completed an outside day and Gold appears to be developing a small trading range with resistance about 1,265 and support about 1,245.
Upwards movement for the main Elliott wave hourly chart was expected to reach a target at 1,240.
Price moved higher as expected to reach 1,241.99.
Price has moved lower and remains within the channel drawn on both the hourly and daily Elliott wave charts.
The other alternate idea of a leading expanding diagonal published up to yesterday will be discarded based upon a very low probability.
Price whipsawed and crossed both invalidation points for the first two hourly charts.
A new low below 1,242.87 has invalidated the main Elliott wave count and confirmed the more bearish alternate.
There is only one wave count now.
A consolidation was expected.
Downwards movement remains above the invalidation point on the main Elliott wave count.
Upwards movement was expected for Friday’s session.
An inside day closed green.
Gold continues to move overall sideways within a small range.
The main Elliott wave count still expects a breakout in a very few days.
The alternate Elliott wave count has increased in probability today, so I’ve swapped over the Elliott wave counts in today’s analysis.