GOLD Elliott Wave
Since our last analysis Gold was trading in a downward move, impulsive wave 5 (coloured blue) of the bigger wave (C) (coloured green) was developing. Yesterday during the European session we could observe descending movement from 1,729.38 towards the 1,705.38 level. Therefore, during the New York session we could observe gold reaching a new daily low at 1,703.17 level and we can consider this move as the end of the corrective wave (4) (coloured orange). Today this commodity is trading around 1,706 level and we are expecting to see price around 1,813.60 level soon. 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 1,813.59 (100% of wave 1). To reduce the risk, we can use invalidation at 1,704.00 level as stop loss.
Support and Resistance
(S3) 1671.7 (S2) 1688.2 (S1) 1698.3 (PP) 1714.8 (R1) 1724.9 (R2) 1741.4 (R3) 1751.5
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,714.20 with stop loss 1,704.00  and take profit at 1,813.59 are recommended.