Gold Elliott Wave
Gold has been trading in a sideways move since Monday, corrective wave 2 (coloured blue) of the bigger (3) wave (coloured green) was developing. Yesterday during the Asian session we could observe ascending movement from 1,722.55 toward the 1,728.70 level. Therefore, during the European and New York sessions this commodity continued trading higher and the price reached new daily high at 1,732.38 level. At the moment Gold is trading around 1,729.80 level and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,767.60 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1,704.86 level as stop loss.

Support and Resistance
(S3) 1,707.3 (S2) 1,712.9 (S1) 1,720.9 (PP) 1,726.5 (R1) 1,734.5 (R2) 1,740.1 (R3) 1,748.1

Trading Forecast
Proceeding from Elliott Wave rules today, the price is expected to begin the upward movement. That is why Long positions at level 1,7320 with stop loss 1,704.86 and take profit at 1,767.60 are recommended.