A little more downwards movement remains within the identified consolidation zone.
A small downwards swing was expected for the short term to a target about 1,220. Downwards movement for Monday to a low at 1,224.91 fits this expectation fairly well.
Price remains range bound. Volume analysis is used to indicate the most likely breakout direction.
Downwards movement was expected this week for Gold, which is exactly what is happening.
A downwards breakout from a Pennant pattern for Gold was expected for this week, which is exactly what has happened.
Last analysis presented a new alternate Elliott wave count for the short term that expected downwards movement that should have strength. A bearish signal yesterday from On Balance Volume supported this view, and members were warned in yesterday’s summary that downwards movement was possible, which happened today.
A strong candlestick pattern indicates the next consolidation has arrived, $10 short of the target.
The Elliott wave target remains the same.
As expected, downwards movement continues towards the Elliott wave target.
Upwards movement today has support from volume. This fits the main Elliott wave count.
Downwards movement came very close to the target on the alternate hourly Elliott wave count. The main Elliott wave counts remain the same.
A downwards swing was expected to continue. Upwards movement during Monday’s session remains below the invalidation point, and the range for this session is small. Volume does not support upwards movement.
Downwards movement has continued a little further as last analysis expected. For the short term, volume and On Balance Volume suggest the direction for Monday and possibly Tuesday as well.