Some downwards movement was expected for Gold and that is what has happened for the short term for both wave counts, which are now being followed on a daily basis.
Price remains above the invalidation point, finding support at the trend line on the main daily Elliott wave count.
A downwards day, which does not make a new low, still fits overall with the bigger picture. At the end of the week, the main Elliott wave count is unchanged at the daily chart level.
Downwards movement was expected as likely, and this is what has happened. The target remains the same.
More downwards movement was expected for Friday. The session did begin with a new low, but thereafter a strong bounce completed a green daily candlestick. Members were warned not to expect price to move downwards in a straight line. The bounce remains well below the Elliott wave invalidation point on the hourly chart.
Price is range bound, moving sideways. The Elliott wave counts expect a B wave may be about halfway through.
An alternate idea of a new downwards trend is also considered at the daily chart level today.
Price moved lower as expected, turning just 3.08 above the second target.
A new low below 1,307.09 has invalidated the alternate Elliott wave count.
Last analysis expected support to hold, and it has.
Price continues to move lower towards the target as expected from the main Elliott wave count.
Downwards and sideways movement to end the week fits the main wave count. But while price action so far looks right, this main wave count does not have support from classic analysis at the end of this week. Two alternates are considered.
Upwards movement for Friday’s session has found resistance right at the lower trend line of the symmetrical triangle.
Volume analysis is used to determine the most likely Elliott wave count of four possibilities.
Upwards movement was expected after last analysis, which so far is what is happening.
An upwards day was expected, but this is not what happened.
Two hourly Elliott wave counts are used today.