Gold is trying to recover after completing a sharp bearish Elliott wave sequence near the lower price area. From Kelly’s view, the market has already reacted from the recent low, but the current move still looks more like an ABC corrective recovery rather than a confirmed bullish reversal.
The key idea is simple: gold may continue to rebound in the short term, but the reaction around each resistance zone will decide whether buyers can keep control.
⟡ Market structure
The chart shows gold previously moved in a strong bearish sequence, creating lower highs and lower lows before reaching the final wave 5 area near the lower base. After that, price started to recover and is now forming a short-term ABC structure.
Price is currently trading around 4,027, close to the small sell zone near 4,038. If gold can hold above the buy wave C area around 4,011, the recovery may continue towards the higher reaction zones.
The important resistance above is the Elliott wave completed sell zone around 4,060–4,070. This is where buyers need to prove strength, because rejection from this area may bring another pullback.
➤ Key levels
◌ 4,011: buy wave C zone and short-term support
◌ 4,027: current reaction area
◌ 4,038: nearest sell zone
◌ 4,060–4,070: Elliott completed zone and main resistance
◌ 3,985–3,990: lower support if wave C fails
◌ Above 4,070: area where recovery gains stronger quality
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to have completed a bearish 5-wave move near the lower low. After that, the market is now building an ABC correction.
Wave A created the first rebound from the low.
Wave B pulled back into the current structure.
Wave C may develop from the 4,011 area if buyers defend support.
If wave C holds and price breaks above 4,038, gold may continue towards 4,060–4,070. However, if price fails to hold 4,011, the ABC recovery weakens and gold may retest the lower base again.
▸ Trading scenario
Preferred scenario: wait for price to hold the buy wave C zone and show bullish confirmation.
Entry zone: 4,011–4,020 if bullish confirmation appears
Stop loss: below the confirmed wave C low
Take profit 1: 4,038
Take profit 2: 4,060–4,070
Take profit 3: 4,090 if momentum expands
Alternative scenario: if gold breaks below 4,011 and fails to reclaim this area, the ABC structure loses quality. In that case, price may return towards 3,985–3,990 before forming a new base.
⌁ Kelly’s view
For Kelly, this is a short-term ABC recovery setup after a completed bearish Elliott wave. The market is no longer in clean sell momentum at the low, but buyers still need to confirm strength through resistance.
The cleaner plan is to watch the reaction around 4,011 first. If buyers defend this zone, gold may continue recovering towards the sell zones above.
Gold is forming an ABC rebound.
If wave C holds, the next move may continue towards 4,038 and 4,060.
Share your view below.
The key idea is simple: gold may continue to rebound in the short term, but the reaction around each resistance zone will decide whether buyers can keep control.
⟡ Market structure
The chart shows gold previously moved in a strong bearish sequence, creating lower highs and lower lows before reaching the final wave 5 area near the lower base. After that, price started to recover and is now forming a short-term ABC structure.
Price is currently trading around 4,027, close to the small sell zone near 4,038. If gold can hold above the buy wave C area around 4,011, the recovery may continue towards the higher reaction zones.
The important resistance above is the Elliott wave completed sell zone around 4,060–4,070. This is where buyers need to prove strength, because rejection from this area may bring another pullback.
➤ Key levels
◌ 4,011: buy wave C zone and short-term support
◌ 4,027: current reaction area
◌ 4,038: nearest sell zone
◌ 4,060–4,070: Elliott completed zone and main resistance
◌ 3,985–3,990: lower support if wave C fails
◌ Above 4,070: area where recovery gains stronger quality
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to have completed a bearish 5-wave move near the lower low. After that, the market is now building an ABC correction.
Wave A created the first rebound from the low.
Wave B pulled back into the current structure.
Wave C may develop from the 4,011 area if buyers defend support.
If wave C holds and price breaks above 4,038, gold may continue towards 4,060–4,070. However, if price fails to hold 4,011, the ABC recovery weakens and gold may retest the lower base again.
▸ Trading scenario
Preferred scenario: wait for price to hold the buy wave C zone and show bullish confirmation.
Entry zone: 4,011–4,020 if bullish confirmation appears
Stop loss: below the confirmed wave C low
Take profit 1: 4,038
Take profit 2: 4,060–4,070
Take profit 3: 4,090 if momentum expands
Alternative scenario: if gold breaks below 4,011 and fails to reclaim this area, the ABC structure loses quality. In that case, price may return towards 3,985–3,990 before forming a new base.
⌁ Kelly’s view
For Kelly, this is a short-term ABC recovery setup after a completed bearish Elliott wave. The market is no longer in clean sell momentum at the low, but buyers still need to confirm strength through resistance.
The cleaner plan is to watch the reaction around 4,011 first. If buyers defend this zone, gold may continue recovering towards the sell zones above.
Gold is forming an ABC rebound.
If wave C holds, the next move may continue towards 4,038 and 4,060.
Share your view below.
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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.