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.
A small bounce continued as the hourly Elliott wave counts expected. Price remains within the channels.
Trading advice given in last analysis favoured the bullish scenario. Members who opened a hedge or long positions should have profits.
Price has reacted strongly downwards after moving slightly higher to perfectly touch the long term bear market trend line, which was expected. A red daily candlestick was printed as expected.
Another small range inside day suggests a small Pennant may be forming. A new Elliott wave count sees a possible triangle completing.
Another upwards day was expected by both Elliott wave counts.
The bounce has continued as the alternate hourly Elliott wave count expected.
A slight new low followed by some sideways movement fits mostly with expectations for the hourly Elliott wave count.
It is time to step back and take another look at the bigger picture as cycle wave b becomes a little clearer.
A small range inside day saw price move slowly sideways.
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.
A downwards day, which was expected as most likely, followed the blow off top.
Upwards movement was expected for Monday to a target at 1,235 – 1,236. The high for Monday was 1,236.88.