All three hourly Elliott wave counts expected upwards movement, which is what happened on Friday.
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.
Upwards movement was expected after last analysis. Friday completed a higher high and a higher low, but a deep pullback at the end of the session closed the candlestick red. Price remains above the invalidation point on the hourly chart.
Yesterday’s analysis expected the correction to continue sideways for another day.
A small downwards day mostly fits the expectation and price remains well above the invalidation point on the hourly chart.
A classic upwards breakout has unfolded as expected. In last analysis members were advised to enter a hedge or just enter long. With stops for long positions just below 1,240.24 or 1,221 (depending on trading strategy), members should now have profitable long positions. Short hedges, if entered, should have been automatically closed just above 1,269.72.
Trading advice for profit taking and managing long positions is given today.
It is time to step back and look at the bigger picture. Today’s analysis updates monthly and weekly charts.
Price continued lower as the two preferred hourly wave counts expected.
Two hourly Elliott wave counts were provided yesterday. The first hourly wave count is now looking more likely.