GOLD Elliott Wave
Gold was trading in a downward move yesterday, corrective (C) wave (coloured green) of the bigger wave (4) (coloured orange) was developing.
During the European session we could observe sideways move between 1,711.85 and 1,705 level. Therefore, during the early New York session this commodity did not manage to hold this levels and price pushed lower reaching a new low at 1,698.74 level and we can consider this move as the end of the 5 wave (coloured blue) of the bigger wave (C) (coloured green). Gold is trading around 1,711 level at the moment and we are expecting to see price higher in the next few days.
In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,808.42 (100% of wave 1). To reduce the risk, we can use invalidation at 1,698.74 level as stop loss.

Support and Resistance
(S3) 1,679.0 (S2) 1,688.9 (S1) 1,695.5 (PP) 1,705.4 (R1) 1,712.0 (R2) 1,721.9 (R3) 1,728.5

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,715.00 with stop loss 1,698.74 and take profit at 1,808.42 are recommended.