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.
The target for upwards movement to end was at 1,295. Friday’s high at 1,295.98 almost perfectly met expectations. Members were warned to look out for a sharp reversal after the upwards wave ended.
Price has moved higher exactly as the preferred Elliott wave count expected for Gold.
More downwards movement was expected as possible, but a close below support is more bearish than expected.