Gold is still trading inside a short-term descending channel, and the current structure remains controlled by sellers. From Kelly’s view, the market has already built a clear bearish sequence, and the next important setup is the potential wave 5 decline after price retests the sell zone.
The key idea is simple: do not chase the low. Wait for price to retest resistance, then observe whether sellers step back in.
⟡ Market structure
Price recently rejected from the upper channel area and started moving lower again, confirming that the broader intraday structure is still defensive. The market is now trading below the broken midline, while the marked sell zone around 4,455–4,465 remains the key reaction area.
The current decline appears to be developing in a clean Elliott structure. Price has already completed the early downside legs, and the chart is now preparing for a possible wave 4 retest before wave 5 expands lower.
➤ Key levels
◌ 4,455–4,465: sell zone retest and main reaction area
◌ 4,470: short-term invalidation area
◌ 4,420–4,430: first downside reference
◌ 4,345–4,355: main wave 5 target zone
◌ Above 4,470: area where the bearish setup loses quality
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to be forming a bearish 5-wave decline inside the descending channel.
The current movement may be the wave 4 corrective retest into the sell zone. If price reacts from 4,455–4,465 and prints a clear rejection candle, that would support the idea that wave 5 lower is starting.
If wave 5 develops as expected, the downside path may open towards the lower channel target around 4,345–4,355.
▸ Trading scenario
Preferred scenario: wait for price to retest the 4,455–4,465 sell zone and confirm rejection.
Entry zone: 4,455–4,465 after bearish confirmation
Stop loss: above 4,470
Take profit 1: 4,420
Take profit 2: 4,380
Take profit 3: 4,345–4,355
If gold breaks above 4,470 and holds outside the channel pressure, the wave 5 sell setup would weaken and the structure should be reassessed.
⌁ Kelly’s view
For Kelly, this is a sell-the-retest structure, not a chase-the-breakdown setup. The trend is still bearish, but the cleaner entry comes from resistance confirmation, not from selling directly at the low.
If gold retests the sell zone and sellers defend it, wave 5 may begin from there.
Gold remains under downside pressure.
The best sell setup may come after the retest, not before it.
Share your view below.
The key idea is simple: do not chase the low. Wait for price to retest resistance, then observe whether sellers step back in.
⟡ Market structure
Price recently rejected from the upper channel area and started moving lower again, confirming that the broader intraday structure is still defensive. The market is now trading below the broken midline, while the marked sell zone around 4,455–4,465 remains the key reaction area.
The current decline appears to be developing in a clean Elliott structure. Price has already completed the early downside legs, and the chart is now preparing for a possible wave 4 retest before wave 5 expands lower.
➤ Key levels
◌ 4,455–4,465: sell zone retest and main reaction area
◌ 4,470: short-term invalidation area
◌ 4,420–4,430: first downside reference
◌ 4,345–4,355: main wave 5 target zone
◌ Above 4,470: area where the bearish setup loses quality
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to be forming a bearish 5-wave decline inside the descending channel.
The current movement may be the wave 4 corrective retest into the sell zone. If price reacts from 4,455–4,465 and prints a clear rejection candle, that would support the idea that wave 5 lower is starting.
If wave 5 develops as expected, the downside path may open towards the lower channel target around 4,345–4,355.
▸ Trading scenario
Preferred scenario: wait for price to retest the 4,455–4,465 sell zone and confirm rejection.
Entry zone: 4,455–4,465 after bearish confirmation
Stop loss: above 4,470
Take profit 1: 4,420
Take profit 2: 4,380
Take profit 3: 4,345–4,355
If gold breaks above 4,470 and holds outside the channel pressure, the wave 5 sell setup would weaken and the structure should be reassessed.
⌁ Kelly’s view
For Kelly, this is a sell-the-retest structure, not a chase-the-breakdown setup. The trend is still bearish, but the cleaner entry comes from resistance confirmation, not from selling directly at the low.
If gold retests the sell zone and sellers defend it, wave 5 may begin from there.
Gold remains under downside pressure.
The best sell setup may come after the retest, not before it.
Share your view below.
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⚠️ This is personal analysis, not financial advice
Daily GOLD and Forex updates: t.me/+SOSI26CZOJ1mZDhl
🔔 Follow this profile for real-time updates
⚠️ This is personal analysis, not financial advice
Daily GOLD and Forex updates: t.me/+SOSI26CZOJ1mZDhl
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📌 New analysis published daily
🔔 Follow this profile for real-time updates
⚠️ This is personal analysis, not financial advice
Daily GOLD and Forex updates: t.me/+SOSI26CZOJ1mZDhl
🔔 Follow this profile for real-time updates
⚠️ This is personal analysis, not financial advice
Daily GOLD and Forex updates: t.me/+SOSI26CZOJ1mZDhl
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.