The target for upwards movement to end was at 1,295. Friday’s high at 1,295.98 almost perfectly met expectations. Members were warned to look out for a sharp reversal after the upwards wave ended.
Price has moved higher exactly as the preferred Elliott wave count expected for Gold.
More downwards movement was expected as possible, but a close below support is more bearish than expected.
Sideways and slightly lower movement was expected to continue. A small range day moved price lower, closing as a doji candlestick; this fits expectations for the Elliott wave counts.
Sideways movement this week continued for Gold exactly as expected.
All four weekly Elliott wave counts will again be reviewed at the end of this week.
Some downwards movement was expected for Gold and that is what has happened for the short term for both wave counts, which are now being followed on a daily basis.
Price remains above the invalidation point, finding support at the trend line on the main daily Elliott wave count.
A downwards day, which does not make a new low, still fits overall with the bigger picture. At the end of the week, the main Elliott wave count is unchanged at the daily chart level.
Downwards movement was expected as likely, and this is what has happened. The target remains the same.
More downwards movement was expected for Friday. The session did begin with a new low, but thereafter a strong bounce completed a green daily candlestick. Members were warned not to expect price to move downwards in a straight line. The bounce remains well below the Elliott wave invalidation point on the hourly chart.