Expecting wave 3 up in Gold to unfold in 2017

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold price has most probably completed or is near completion of wave 2 down. Wave 3 up should follow targeting $1,400-$1,500. Confirmation will come once price breaks above the long-term red trend line resistance. $1,220-$1,170 is the area where I expect price to start the reversal.