A bounce was expected to end about 1,289. Upwards movement reached a high at 1,290.90 where price sharply reversed, just 1.90 above the target.
More downwards movement was expected and this is exactly what is happening. The Elliott wave count and targets remain the same. All three Elliott wave counts expect more downwards movement at least for the short term.
Price remains within the channel on the hourly chart and the flag pattern remains valid. Price has breached the short-term invalidation point on the hourly chart but remains below the invalidation point on the daily chart.
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.