After an upwards breakout on Friday, three Elliott wave counts remain valid.
Today Gold may be in the process of a classic upwards breakout from a multi-year consolidation. If this session closes above 1,374.91 (the July 2016 high) on an upwards day with support from volume, then have confidence in the breakout.
Today I have three Elliott wave counts, all of which are bullish.
Gold price is still rising and is now close to the invalidation point for the main Elliott wave count. All three Elliott wave counts remain valid at this stage, but we may soon be closer to some clarity regarding this B wave.
For the very short term, a deep bounce was expected, which is what has happened.
Price remains below the invalidation point.
A small range day with a long lower wick moves price a little lower. Downwards movement overall was expected from the main Elliott wave count.
The alternate Elliott wave count expected for the short term a new high to 1,349 before a reversal. Price reached 1,357.92, remaining below the Elliott wave invalidation point, and there sharply reversed.
A bounce was expected to continue higher for one or two sessions, which is so far what has happened.