Gold is moving into a corrective phase after the previous strong upside expansion. From Kelly’s view, the current structure suggests that the market is now developing wave C, even though wave B spent a long time consolidating near the upper range.
The key idea is simple: as long as price stays below the short-term trendline and the 4,330–4,340 sell zone, selling pressure still has the cleaner structure.
⟡ Market structure
Gold pushed strongly higher from the lower base and completed a clear upside sequence near the 4,370 area. After that, price started to slow down and entered a sideways-to-corrective phase.
The chart shows that wave B held in consolidation for quite some time around the upper range, but buyers failed to create a strong continuation above resistance. This makes the current move more likely to develop as wave C lower.
The sell zone around 4,330–4,340 is important because price is trading below it and also below the short-term trendline. Until gold can reclaim this area with strength, the recovery remains vulnerable.
➤ Key levels
◌ 4,330–4,340: sell zone and wave C resistance
◌ 4,313: near-term structural support
◌ 4,296: resistance breakdown reference
◌ 4,238: 0.618 Fibonacci buy scalping zone
◌ 4,197: 0.5 Fibonacci liquidity zone
◌ 4,106–4,110: deeper support if wave C expands
⌁ Elliott Wave view
From an Elliott Wave perspective, the strong rally appears to have completed a short-term 5-wave bullish sequence. After that, the market began forming an A-B-C correction.
Wave A created the first pullback from the high.
Wave B developed as a long consolidation near resistance.
Wave C now appears to be starting while price stays below trendline pressure.
If this wave count is correct, gold may continue correcting towards the Fibonacci support zones. The first important reaction area is around 4,238. If selling pressure expands, 4,197 becomes the next liquidity zone to watch.
▸ Trading scenario
Preferred scenario: wait for price to stay below the trendline and reject from the 4,330–4,340 sell zone.
Sell zone: 4,330–4,340 if bearish confirmation appears
Stop loss: above the confirmed wave B high
Take profit 1: 4,296
Take profit 2: 4,238
Take profit 3: 4,197
Alternative scenario: if gold breaks above 4,340 and holds above the trendline with strong acceptance, the wave C sell setup weakens and the market may need a new bullish interpretation.
⌁ Kelly’s view
For Kelly, this is a corrective-wave structure after a strong rally. The market has not fully turned bearish on the larger view, but as long as price stays below the trendline, the short-term path favours sell reactions.
Wave B took time to build, but that does not make the structure bullish by itself. What matters now is whether wave C continues to respect resistance.
Gold is correcting after a strong rise.
Below the trendline, sell setups still have the cleaner structure.
Share your view below.
The key idea is simple: as long as price stays below the short-term trendline and the 4,330–4,340 sell zone, selling pressure still has the cleaner structure.
⟡ Market structure
Gold pushed strongly higher from the lower base and completed a clear upside sequence near the 4,370 area. After that, price started to slow down and entered a sideways-to-corrective phase.
The chart shows that wave B held in consolidation for quite some time around the upper range, but buyers failed to create a strong continuation above resistance. This makes the current move more likely to develop as wave C lower.
The sell zone around 4,330–4,340 is important because price is trading below it and also below the short-term trendline. Until gold can reclaim this area with strength, the recovery remains vulnerable.
➤ Key levels
◌ 4,330–4,340: sell zone and wave C resistance
◌ 4,313: near-term structural support
◌ 4,296: resistance breakdown reference
◌ 4,238: 0.618 Fibonacci buy scalping zone
◌ 4,197: 0.5 Fibonacci liquidity zone
◌ 4,106–4,110: deeper support if wave C expands
⌁ Elliott Wave view
From an Elliott Wave perspective, the strong rally appears to have completed a short-term 5-wave bullish sequence. After that, the market began forming an A-B-C correction.
Wave A created the first pullback from the high.
Wave B developed as a long consolidation near resistance.
Wave C now appears to be starting while price stays below trendline pressure.
If this wave count is correct, gold may continue correcting towards the Fibonacci support zones. The first important reaction area is around 4,238. If selling pressure expands, 4,197 becomes the next liquidity zone to watch.
▸ Trading scenario
Preferred scenario: wait for price to stay below the trendline and reject from the 4,330–4,340 sell zone.
Sell zone: 4,330–4,340 if bearish confirmation appears
Stop loss: above the confirmed wave B high
Take profit 1: 4,296
Take profit 2: 4,238
Take profit 3: 4,197
Alternative scenario: if gold breaks above 4,340 and holds above the trendline with strong acceptance, the wave C sell setup weakens and the market may need a new bullish interpretation.
⌁ Kelly’s view
For Kelly, this is a corrective-wave structure after a strong rally. The market has not fully turned bearish on the larger view, but as long as price stays below the trendline, the short-term path favours sell reactions.
Wave B took time to build, but that does not make the structure bullish by itself. What matters now is whether wave C continues to respect resistance.
Gold is correcting after a strong rise.
Below the trendline, sell setups still have the cleaner structure.
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.