A new high above 1,222.72 invalidated the main hourly Elliott wave count and added confidence to the alternate hourly Elliott wave count. The alternate has some support from volume analysis, and its target remains the same today.
An upwards breakout looks to have occurred earlier than expected.
Upwards movement has continued as expected. With some structure now to analyse, targets can be calculated.
Downwards movement continued for Thursday as expected. Price is now below the lower edge of the base channel on the hourly chart.
A breach of the trend channel and a new low below 1,195.82 invalidated the main Elliott wave count and confirmed the alternate.
A small upwards day has made a slight new high.
Both Elliott wave counts remain the same.
Again, upwards movement was expected to complete a small consolidation before price fell further.
The consolidation was already complete and price has made a new low.
Another new low for Gold was not expected.
An outside day closes with a red candlestick, which slightly favours the main Elliott wave count.
Both Elliott wave counts remain viable while price remains within the consolidation / invalidation points.
Upwards movement was expected for Friday’s session but did not happen.
Price remains above the invalidation point on the daily chart, which is where final risk remains.
A little downwards movement was expected to end about 1,338.
Price has moved lower to reach 1,335.89 so far.
Upwards movement was expected for Monday.
Overall, the session moved upwards to complete a green daily candlestick.