The invalidation point on the daily chart was breached indicating a trend change.
Upwards movement continues and price has remained within the upper half of the channel on the hourly chart, which was expected at this stage.
Trading advice is given to members to manage long positions towards the end of this week.
An upwards breakout was again expected, but price remains range bound.
Price moved strongly higher exactly as the Elliott wave count expected for a third wave up. Targets remain the same.
Price has moved overall higher as expected from the main hourly Elliott wave count in last analysis.
An upwards day with some increase in volume has broken above resistance.
The main Elliott wave count was invalidated and the alternate Elliott wave count was confirmed.
Another upwards day sees the main and alternate Elliott wave counts switched over.
What is now the alternate Elliott wave count still remains viable. It illustrates the risk today to trading based upon the main Elliott wave count.
Gold has had a trend change. How high this next wave goes and what structure it takes will indicate which Elliott wave count at the monthly chart level may be correct.
A small inside day fits the preferred expectations for Gold, but all Elliott wave counts still remain valid. Targets remain the same.
The main Elliott wave count was invalidated with a new low below 1,204.05, and the target at 1,203 was inadequate for the alternate Elliott wave count.
A short, quick downwards wave was expected for Thursday’s session. A red daily candlestick fits this expectation.
The main Elliott wave count expected downwards movement and the alternate expected upwards movement.
A new high above 1,283.63 has favoured what was yesterday’s alternate wave count.
Upwards movement was expected for Friday.
Price moved sideways to complete a small inside day and a green candlestick.