XAUUSD – Consolidation Between Key LevelsXAUUSD: Gold Consolidating Above Key Support
Gold is consolidating around the 4,400 area on the 1-hour chart after recovering from lower levels.
The 4,365 zone remains an important support area, while 4,487–4,511 forms the key resistance region.
A sustained move above 4,487 could signal further upside toward 4,511. On the other hand, a break below 4,365 would weaken the current structure and shift attention toward lower levels.
Key levels:
Support: 4,365
Resistance: 4,487–4,511
This is a technical market analysis for educational purposes only, not financial advice. 
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◈ XAUUSD — Buy Zone Holds, Wave 3 Next ◈ XAUUSD — Buy Zone Holds, Wave 3 Next
Gold is still holding above the short-term buy zone after the latest correction. From Kelly’s view, the chart suggests that XAUUSD may be preparing for another bullish Elliott Wave move while price stays above the Buy zone wave 3.
The key idea is simple: geopolitical tension around Iran and the Persian Gulf is still supporting safe-haven demand, but the market may remain volatile ahead of U.S. CPI data and the next Fed decision. Iran has warned that attacks on its assets could trigger retaliation, while reports also show rising pressure around Gulf shipping and energy assets. U.S. CPI is scheduled for Friday, and the Fed meeting is set for September 15–16, so gold may react strongly to both risk sentiment and rate expectations.
⟡ Market Structure
Gold is currently trading around 4,392–4,410, holding near the Buy zone wave 3. This area is important because it may act as the base for the next bullish impulse.
The previous bearish wave appears to have completed near 4,283, followed by a strong recovery. Price is now correcting inside a short-term structure, but as long as gold stays above 4,366, the bullish recovery scenario remains valid.
The first upside liquidity is around 4,441, followed by 4,476 and the stronger liquidity level near 4,510. If buyers can break above these zones, gold may continue toward the 4,585–4,605 Resistance Fibonacci + FVG area.
➤ Key Levels
◌ Current price area: 4,392–4,410
◌ Buy zone wave 3: 4,385–4,400
◌ Confirm sell / risk level: below 4,366
◌ Strong support: 4,283
◌ First liquidity: 4,441
◌ Second liquidity: 4,476
◌ Strong liquidity: 4,510
◌ Resistance Fibonacci + FVG: 4,585–4,605
◌ Final wave 5 target: 4,725–4,740
⌁ Elliott Wave View
The chart shows a possible bullish Elliott Wave recovery after the previous bearish wave 5 completed near 4,283.
Wave (1) may have formed from the lower support.
Wave (2) is correcting back into the buy zone.
If buyers defend 4,385–4,400, wave (3) may push toward 4,510 and then 4,585–4,605.
After that, wave (4) may create a short pullback before wave (5) targets the upper zone near 4,725–4,740.
This is why Kelly is not chasing price aggressively. The cleaner plan is to wait for confirmation that buyers are still defending the buy zone.
▸ Trading Scenario
Preferred bullish scenario
Entry: Buy around 4,385–4,400 if price gives bullish confirmation
Stop Loss: Below 4,366
Take Profit 1: 4,441
Take Profit 2: 4,476–4,510
Take Profit 3: 4,585–4,605
Take Profit 4: 4,725–4,740
Alternative scenario
If gold breaks below 4,366, the bullish wave 3 setup becomes weaker. In that case, price may retest the deeper support near 4,283 before any new bullish structure appears.
◌ Invalidation
The bullish view becomes weaker if gold loses 4,366 and fails to reclaim the buy zone. A clean breakdown below this level would shift the short-term focus back to downside risk.
⌁ Kelly’s View
Kelly’s main view remains bullish while gold holds above 4,385–4,400. Geopolitical tension may continue to support gold, but CPI and Fed expectations can create sharp volatility, so confirmation is important before entering.
If buyers defend the buy zone, gold may continue toward 4,441, 4,510, and then the larger resistance area around 4,585–4,605. The bigger Elliott target remains near 4,725–4,740.
Do you think gold will start wave (3) from this buy zone, or break lower first to retest deep support? Long 
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