An upwards breakout was again expected, but price remains range bound.
Downwards movement was expected to start the new trading week, but this is not what happened.
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.
More upwards movement continued to start the new week as the main Elliott wave count expected.
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.
Gold is still range bound.
Classic analysis, with a heavy reliance on volume analysis, is used to determine probability of the main versus alternate Elliott wave counts today.
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.
Price has moved sideways to complete a very small inside day. The analysis is essentially unchanged.
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.