A small range day continues a small consolidation pattern. The breakout is still expected in the same direction.
Downwards movement has continued as expected after a new high for the week.
Price continues sideways. Targets remain the same.
Both Elliott wave counts have targets which expect more upwards movement. A small range inside day does not change the expectation.
A little more upwards movement fits the bullish wave count better, but both Elliott wave counts remain valid. Support has held.
Downwards movement was expected to end within a very few hours after last analysis was published and thereafter to be followed by an upwards breakout. Today price has closed above the upper edge of the pennant pattern, but a lack of support from volume so far is suspicious.
A small range day remains within the trend lines of the pennant pattern. The target remains the same. The breakout is expected within the next one to two sessions.
All three Elliott wave counts remain valid and two short-term scenarios are considered for members today on hourly charts. Overall, all three Elliott wave counts expect the same direction next but targets differ.
Today Gold may be in the process of a classic upwards breakout from a multi-year consolidation. If this session closes above 1,374.91 (the July 2016 high) on an upwards day with support from volume, then have confidence in the breakout.
Today I have three Elliott wave counts, all of which are bullish.
An upwards breakout fits the alternate Elliott wave count.
Price continues to move sideways. The short-term structure fits the main hourly Elliott wave count best.
Downwards movement was expected for Thursday’s session. An inside day sees price remain above identified support and below the Elliott wave invalidation point.