Downwards movement has continued exactly as the preferred Elliott wave count expected for the week.
Closure of the last gap is an important signal. This analysis now slightly shifts away from yesterday’s neutral stance.
Sideways movement continues to complete a small pennant pattern. The Elliott wave count remains the same.
More sideways movement was expected for the very short term. This pattern may now be identified on the daily chart. The measured rule is used to calculate a target.
Price has moved higher towards the Elliott wave target, which remains the same.
A little more downwards movement remains within the identified consolidation zone.
A small downwards swing was expected for the short term to a target about 1,220. Downwards movement for Monday to a low at 1,224.91 fits this expectation fairly well.
Price remains range bound. Volume analysis is used to indicate the most likely breakout direction.
Downwards movement was expected this week for Gold, which is exactly what is happening.
A downwards breakout from a Pennant pattern for Gold was expected for this week, which is exactly what has happened.
Last analysis presented a new alternate Elliott wave count for the short term that expected downwards movement that should have strength. A bearish signal yesterday from On Balance Volume supported this view, and members were warned in yesterday’s summary that downwards movement was possible, which happened today.
A strong candlestick pattern indicates the next consolidation has arrived, $10 short of the target.