Gold Elliott Wave Last week Gold found support at 1532.70 level and start pushing higher. We can consider this move as the end of the (4) wave. During the Friday's trading session Gold was trading in a upward move. During the European session we could observe the ascending movement towards the 1.566.35 level. Therefore during the New York session the price continued pushing higher and we could observe Gold at 1572.90 level. Today during the Asian session Gold pushed higher breaking resistance at 1577.00 level and reached a new High at 1583.10 level.Presently we are in the 3 wave (coloured green) of the bigger (1) wave (coloured green) and i am expecting to see gold above 1600 level soon.In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1532.70-1577.00-1550.30) with Take Profit 1 at 1612(138.2% of wave 1) and Take Profit 2 at 1623.20 (161.8% of wave 1). We can use 1568.00 as stop loss point.
Support and Resistance levels (S3) 1532.2 (S2) 1541.4 (S1) 1555.2 (PP) 1564.4 (R1) 1578.2 (R2) 1587.4 (R3) 1601.2
Trading Forecast Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1584.00 with Stop Loss at 1568.00, Take Profit 1 at 1612.00 and Take Profit 2 at 1623.20 are recommended.
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