A little more upwards movement for the very short term was expected to about 1,492. Upwards movement did continue but more than expected, reaching 1,504.08. Price remains below invalidation points.
An upwards swing was expected for the short term, but price continues to fall. Overall, both Elliott wave counts have expected downwards movement this week.
To start the new week downwards movement was expected for both bullish and bearish Elliott wave counts.
At the end of this week, it is time to review monthly charts for Gold. Three Elliott wave counts are published for monthly charts.
Another small range day while New York is closed for the 4th of July leaves the Elliott wave counts unchanged.
A long lower wick on today’s daily candlestick supports the short-term outlook for both Elliott wave counts.
A small range Doji candlestick for Monday sees both Elliott wave counts remain the same.
A bounce has continued higher. Price remains below the invalidation point and within the base channel for the daily Elliott wave count.
The main Elliott wave count remains essentially the same after today’s sharp whipsaw. A new alternate to consider is presented for the short term. The larger picture remains the same.
A little more upwards movement to a preferred target at 1,306.69 was expected for the short term. The high for the session was at 1,310.99, $4.30 above the target. The Elliott wave count remains the same.
The target at 1,338 to 1,341 is now met.
A little sideways movement was expected for the short term when markets opened for the new week. This is mostly what has happened. Monday’s session completes a long legged doji with a slightly higher high.