Upwards movement for the week leaves three Elliott wave counts valid.
A small range day has not managed to make a new high. Declining ATR and light volume still suggest some consolidation may unfold here.
The first target given in yesterday’s analysis on the hourly chart was at 1,532. Price reached 1,533.24 and then turned sharply down.
At the end of the week, two small sideways days do not change the overall expectation from both Elliott wave counts.
For the short to mid term, both the main daily chart and the main bullish daily chart expected some more upwards movement. The alternate wave count is today invalidated.
Both hourly charts yesterday expected some downwards movement, which is what is happening so far.
Currently, price is bound by support and resistance. The preferred Elliott wave count sees this consolidation as a B wave that is incomplete.
At the end of this week, it is time to review monthly charts for Gold. Three Elliott wave counts are published for monthly charts.
A strong downwards day has push from volume, but price remains above support. All three Elliott wave counts remain valid.
All three Elliott wave counts remain valid while price remains above 1,346.45.