XAUUSD: Bullish Elliott Wave Is Building Inside the Rising Channel
Gold is now showing a stronger recovery structure after breaking away from the previous bearish channel. From Kelly’s view, the market is developing a bullish Elliott Wave sequence, with price moving inside a rising channel and preparing for a possible continuation phase.
The key idea is simple: gold is bullish in the short term, but price may still pull back once more to test the rising trendline before the next upside wave expands.
⟡ Market structure
The chart shows a clear shift from the earlier downtrend into a rising channel. After forming the lower base near the end of June, gold created higher highs and higher lows, showing that buyers are gradually taking control.
Price is now trading around 4,067, after reacting from the buy wave 5 area. The structure remains constructive while gold holds above the lower channel support.
The current move may still need one more retest towards the rising trendline or the buy wave 5 zone before the next push higher. If buyers defend this area, the market may continue towards the liquidity resistance zone around 4,100–4,120.
➤ Key levels
◌ 4,025–4,040: buy wave 5 and trendline reaction zone
◌ 4,067: current price reaction area
◌ 4,100–4,120: liquidity resistance zone
◌ 4,175–4,210: higher resistance and wave 5 completion area
◌ Below 4,025: area where the bullish channel structure weakens
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to be forming a bullish 5-wave structure after completing the previous bearish phase.
Wave 1 created the first upside push.
Wave 2 corrected back into the lower channel support.
Wave 3 expanded strongly into the liquidity zone.
Wave 4 is now developing as a short pullback.
If the trendline holds, wave 5 may begin from the buy zone and push price towards the upper channel area.
There is also a possible ABC path after wave 5 completes near resistance. For now, the bullish wave structure remains valid as long as price continues to respect the rising channel.
▸ Trading scenario
Preferred scenario: wait for price to retest the rising trendline or the 4,025–4,040 buy zone and show bullish confirmation.
Entry zone: 4,025–4,040 if bullish confirmation appears
Stop loss: below the confirmed trendline reaction low
Take profit 1: 4,100–4,120
Take profit 2: 4,175
Take profit 3: 4,210 if wave 5 expands strongly
Alternative scenario: if gold breaks below 4,025 and fails to reclaim the rising channel, the bullish Elliott setup weakens and the chart may need a new short-term reading.
⌁ Kelly’s view
For Kelly, this is a buy-the-pullback structure inside a rising channel. The market has already shifted away from the old bearish rhythm, but the cleaner setup may come after one more controlled retest of the trendline.
Gold is building a bullish Elliott structure.
If the rising channel holds, the next upside wave may continue towards the upper liquidity zone.
Share your view below.
Gold is now showing a stronger recovery structure after breaking away from the previous bearish channel. From Kelly’s view, the market is developing a bullish Elliott Wave sequence, with price moving inside a rising channel and preparing for a possible continuation phase.
The key idea is simple: gold is bullish in the short term, but price may still pull back once more to test the rising trendline before the next upside wave expands.
⟡ Market structure
The chart shows a clear shift from the earlier downtrend into a rising channel. After forming the lower base near the end of June, gold created higher highs and higher lows, showing that buyers are gradually taking control.
Price is now trading around 4,067, after reacting from the buy wave 5 area. The structure remains constructive while gold holds above the lower channel support.
The current move may still need one more retest towards the rising trendline or the buy wave 5 zone before the next push higher. If buyers defend this area, the market may continue towards the liquidity resistance zone around 4,100–4,120.
➤ Key levels
◌ 4,025–4,040: buy wave 5 and trendline reaction zone
◌ 4,067: current price reaction area
◌ 4,100–4,120: liquidity resistance zone
◌ 4,175–4,210: higher resistance and wave 5 completion area
◌ Below 4,025: area where the bullish channel structure weakens
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to be forming a bullish 5-wave structure after completing the previous bearish phase.
Wave 1 created the first upside push.
Wave 2 corrected back into the lower channel support.
Wave 3 expanded strongly into the liquidity zone.
Wave 4 is now developing as a short pullback.
If the trendline holds, wave 5 may begin from the buy zone and push price towards the upper channel area.
There is also a possible ABC path after wave 5 completes near resistance. For now, the bullish wave structure remains valid as long as price continues to respect the rising channel.
▸ Trading scenario
Preferred scenario: wait for price to retest the rising trendline or the 4,025–4,040 buy zone and show bullish confirmation.
Entry zone: 4,025–4,040 if bullish confirmation appears
Stop loss: below the confirmed trendline reaction low
Take profit 1: 4,100–4,120
Take profit 2: 4,175
Take profit 3: 4,210 if wave 5 expands strongly
Alternative scenario: if gold breaks below 4,025 and fails to reclaim the rising channel, the bullish Elliott setup weakens and the chart may need a new short-term reading.
⌁ Kelly’s view
For Kelly, this is a buy-the-pullback structure inside a rising channel. The market has already shifted away from the old bearish rhythm, but the cleaner setup may come after one more controlled retest of the trendline.
Gold is building a bullish Elliott structure.
If the rising channel holds, the next upside wave may continue towards the upper liquidity zone.
Share your view below.
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Done Elliot wave
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🔔 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.