A little sideways movement followed by another wave down was expected in last analysis. This is what has happened.
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.
Downwards movement was expected to begin the new week.
Price has moved sideways in a small range, remaining below the invalidation point (which is close by) on the first Elliott wave hourly chart.
The main Elliott wave count expected upwards movement for Friday’s session.
Price moved sideways in a small range.
Price moved slightly lower, which was allowed for but not expected from yesterday’s analysis.