A little upwards movement was expected but price fell $8 short of the target.
Price moved into the target zone, which was 1,197 to 1,192, and then turned upwards to print a green daily candlestick.
More upwards movement continued to start the new week as the main Elliott wave count expected.
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.
Sideways movement was expected. In the short term, some downwards movement within a consolidation was expected for the session, and this is what has happened.
Price has moved higher to complete a green daily candlestick, as expected for the main Elliott wave count, but so far it is concerning that volume has not supported this movement.
Yesterday’s Elliott wave and classic technical analysis expected some sideways / upwards movement for Thursday, which is exactly what happened.
Price has found resistance right at the trend line on the daily chart.
More downwards movement is very close now to the second target, which was at 1,240.
The first target for downwards movement has been met.
A little more downwards movement was expected for Monday to a small target zone at 1,319 – 1,322.
The low for Monday is at 1,320.94, right in the target zone.