A small range day has not managed to make a new high. Declining ATR and light volume still suggest some consolidation may unfold here.
All three Elliott wave counts remain valid while price remains above 1,346.45.
The last high remains in place. All three Elliott wave counts at the daily chart level remain valid. Classic technical analysis favours the alternate Elliott wave count.
A new high above 1,346.45 was expected for the main Elliott wave count, although some further consolidation was expected first.
Two main Elliott wave counts are published today. Confidence and invalidation points will be used to indicate which is correct.
Downwards movement continues as the larger picture for the Elliott wave and technical analysis expects for Gold. Targets remain the same.
A little upwards movement was expected. After a slight new low price has turned and moved higher.
The short-term Elliott wave count remains mostly the same but the short-term target is recalculated.
A small range inside day sees the Elliott wave count remain the same. The target remains the same.
Price still remains within an identified consolidation zone. Friday’s strong upwards day lacks support from volume. The breakout from a flag pattern is suspicious.
A small range day remains within a consolidation zone. The breakout is still expected to be in the same direction.