Downwards movement fits the main Elliott wave count best. All three daily Elliott wave charts remain valid.
Price remains range bound. All three daily Elliott wave counts remain valid.
Downwards movement for Friday was weak.
A new alternate bearish Elliott wave count is developed today that expects Gold and Silver to move together.
A little more upwards movement for the very short term was expected to about 1,492. Upwards movement did continue but more than expected, reaching 1,504.08. Price remains below invalidation points.
The preferred bearish Elliott wave count expected a bounce for the short term up to a target at 1,492. So far some upwards movement for the session has reached 1,485.43.
Overall, both Elliott wave counts have expected downwards movement. The first short-term target at 1,464 has almost been met with a low today at 1,465.83.
More downwards movement was expected. Price has moved very slightly lower to complete a small range day, which remains well below the short-term invalidation point.
A bounce was expected to continue up to about 1,529. The high for this session was at 1,534.62.
Last analysis expected a little more upwards movement. An outside day sees price remain range bound.
Gold has moved lower for this last week, which was overall what was expected from both Elliott wave counts. The price point which differentiates the bull and bear Elliott wave counts remains the same.