Gold is entering next week with a constructive recovery structure after reacting from the lower support base. From Kelly’s view, the chart suggests that XAUUSD may be building a larger bullish reversal pattern, with the current price holding above the Right Shoulder / Buy Zone area.
The key idea is simple: if gold continues to defend the 4,100–4,150 support zone, the market may start building the next bullish leg toward the upper resistance levels.
⟡ Market structure
Gold is currently trading around 4,194, after reacting from the lower support area near 4,100–4,150. This zone is very important because it aligns with the Right Shoulder structure and may become the base for the next weekly recovery.
The bigger chart shows a possible Left Shoulder – Head – Right Shoulder formation. After price formed the head near the lower liquidity support around 3,944, gold recovered and is now trying to hold above the right-shoulder support.
The first important confirmation level is around 4,400. If gold breaks and holds above this level, the bullish recovery becomes stronger. After that, the next upside zones to watch are 4,500–4,570, 4,700, and the higher Fibonacci resistance near 4,850–4,900.
➤ Key levels
◌ Current price area: 4,194
◌ Right Shoulder / Buy Zone: 4,100–4,150
◌ Liquidity support: 3,944
◌ Buy confirmation level: 4,400
◌ FVG resistance: 4,500–4,570
◌ Strong resistance: 4,700
◌ Fibonacci resistance: 4,850–4,900
◌ Sell wave 4 zone: 5,100–5,180
◌ Monthly bullish target: 5,350–5,400
◌ Bullish invalidation: below 3,944
⌁ Elliott Wave view
The chart suggests that gold may be preparing a larger bullish Elliott Wave recovery from the lower base.
Wave (1) may have started from the Head area near 3,944.
Wave (2) may be completing around the Right Shoulder / Buy Zone near 4,100–4,150.
If buyers defend this area, wave (3) may push toward 4,400, then 4,500–4,570.
Wave (4) may later create a correction near the upper resistance area.
Wave (5) could extend toward the higher monthly target near 5,350–5,400 if momentum continues.
This is why Kelly is watching next week closely. The current structure is not confirmed as a full bullish breakout yet, but the right-shoulder support gives buyers a clear base to defend.
▸ Trading scenario
Preferred bullish scenario
Entry: Buy around 4,100–4,150 if price gives bullish confirmation
Stop Loss: Below 3,944
Take Profit 1: 4,400
Take Profit 2: 4,500–4,570
Take Profit 3: 4,700
Take Profit 4: 4,850–4,900
Extended target: 5,350–5,400
Alternative entry
If gold breaks above 4,400 and retests this level as support, buyers may look for continuation toward 4,500–4,570, then 4,700.
◌ Invalidation
The bullish weekly view becomes weaker if gold breaks below 4,100 and fails to reclaim the right-shoulder support. A deeper breakdown below 3,944 would invalidate the bullish recovery structure and bring sellers back into control.
⌁ Kelly’s view
Kelly’s main view for next week is cautiously bullish while gold holds above 4,100–4,150. The chart is showing a potential reversal structure, but buyers still need confirmation above 4,400 to open a cleaner upside path.
If the buy zone holds, gold may continue toward 4,500–4,570, then 4,700. If momentum expands, the larger monthly target remains around 5,350–5,400.
Do you think gold will confirm the right-shoulder recovery next week, or retest the buy zone once more before the next rally?
📌 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/+_8wydjUbci5hMzJl
🔔 Follow this profile for real-time updates
⚠️ This is personal analysis, not financial advice
Daily GOLD and Forex updates: t.me/+_8wydjUbci5hMzJl
Related publications
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/+_8wydjUbci5hMzJl
🔔 Follow this profile for real-time updates
⚠️ This is personal analysis, not financial advice
Daily GOLD and Forex updates: t.me/+_8wydjUbci5hMzJl
Related publications
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.