Price remains range bound. With volume and ATR declining as price moves sideways, this looks like another consolidation within an ongoing trend.
A strong downwards session to end the week favours the bearish Elliott wave count, but price has not yet invalidated any of the three daily charts published for members.
A bounce was expected for the short term, which is exactly what has happened for the session.
Further downwards movement fits the main Elliott wave count.
The neck line of the Head and Shoulders pattern has provided resistance for a back test. The target calculated from the Head and Shoulders pattern is just $3 off the target calculated using the Elliott wave count and Fibonacci Ratios.
Some upwards movement was expected for Friday. Overall, this is what happened with a higher high and a higher low from Thursday.
Downwards movement was expected for Gold, which is exactly what has happened today. The Elliott wave count remains the same and the target remains the same.
The target using the flag pole remains the same.
More upwards movement was expected to the next target at 1,313 – 1,314. The high for Tuesday’s session was at 1,311.81.
Members were warned to expect a sideways consolidation. An inside day exactly fits this expectation.
Upwards movement is continuing for the week exactly as the Elliott wave count expected.
Downwards movement was expected to continue for the new week. So far this is what is happening.