A little downwards movement was expected to a short-term Elliott wave target about 1,232. Downwards movement for the session reached 1,233.44, just 1.44 short of the target.
Price has moved higher exactly as the preferred Elliott wave count expected for Gold.
A small range week leaves all Elliott wave counts valid. The target on the preferred Elliott wave count remains the same.
Upwards movement was expected to resume for Thursday’s session, which is what has happened.
A continuation of downwards movement was expected for the short term. With the 0.382 Fibonacci ratio passed, the 0.618 Fibonacci ratio is a new target.
For the very short term, some downwards movement was expected, which is what has happened at the end of the week.
Upwards movement continues as the preferred Elliott wave count expects.
All four weekly Elliott waves counts remain valid.
A strong bounce invalidated the short-term hourly chart of one Elliott wave count, which increased the confidence in another Elliott wave count.
More downwards movement was expected.
More downwards movement was expected as possible, but a close below support is more bearish than expected.