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Gold prices bounced upwards yesterday as we expected. We warned yesterday that we could soon see an upward price bounce as the downward move seems completed. In the following daily chart you can see our elliott wave count for the decline from 1,360 which is a previous important high. The larger trend remains downward, but in the short-term we believe it is time to make a correction relative to the last big downward move from 1,360.
Prices are bouncing upwards and we can anticipate this upward move to reach the broken neckline and the previous support at 1,250-60. The most probable thing is the end of this upward correction at the previous 4th wave near 1,290.
The short-term chart as shown above, shows how prices have reached both the 34 candle MA and the downward sloping red trend line resistance. Breaking above that resistance level at 1,256 will confirm that the downward move is over and the we are now correcting the decline from 1,360. Concluding, we remain neutral in order for the upward bounce to unfold and provide us with more data that will help us to decide what trading to do next.
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