Gold is showing a strong bullish continuation after breaking away from the previous downtrend structure. From Kelly’s view, the chart suggests that XAUUSD has already formed a clean 5-wave recovery pattern on the H4 timeframe, and the market may continue higher if the next correction stays controlled.
The key idea is simple: gold is bullish, but after a strong rally, a short-term ABC pullback may create a cleaner continuation setup.
⟡ Market structure
The chart shows gold broke above the downtrend line and pushed strongly into the 4,346 area. This breakout is important because it confirms that sellers are no longer controlling the short-term structure.
Price is now trading near the end point of the bullish wave structure around 4,358. This area may create short-term hesitation, so a correction from here would be normal.
The main support to watch is 4,235. This is marked as the short-term ABC correction zone. If gold pulls back into this area and buyers defend it, the next bullish wave may continue towards the weekly liquidity resistance around 4,455.
➤ Key levels
◌ 4,346: current price reaction area
◌ 4,358: end point of current bullish wave structure
◌ 4,235: short-term ABC correction / main buy reaction zone
◌ 4,162: contested price acceptance zone
◌ 4,455: weekly resistance and liquidity target
◌ Below 4,162: area where the bullish setup starts to weaken
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to have completed a strong bullish 5-wave move after breaking the old downtrend.
Wave 1 started the first recovery from the lower base.
Wave 2 created a controlled correction.
Wave 3 pushed strongly higher and confirmed bullish momentum.
Wave 4 held structure before the next expansion.
Wave 5 is now reaching the 4,346–4,358 area.
After wave 5, an ABC correction is normal. If wave C finishes around 4,235 and buyers protect this area, gold may prepare for another bullish continuation towards 4,455.
▸ Trading scenario
Preferred scenario: wait for gold to correct into support and show bullish confirmation.
Entry zone: 4,235–4,250 if bullish confirmation appears
Stop loss: below the confirmed ABC low or below 4,162
Take profit 1: 4,346–4,358
Take profit 2: 4,400
Take profit 3: 4,455
Alternative scenario: if gold breaks above 4,358 without a deep pullback and holds strongly, price may continue directly towards 4,455. In that case, waiting for a retest of 4,358 as support would be the cleaner continuation setup.
⌁ Kelly’s view
For Kelly, the main trend is still bullish after the downtrend breakout. Gold has already shown strong buying pressure, but the market is now near an important reaction zone.
The best plan is patience. If gold corrects into 4,235 and buyers defend the zone, the next bullish move may continue towards the weekly liquidity target.
Gold remains in a bullish continuation structure.
If the ABC correction holds, the next upside target is 4,455.
The key idea is simple: gold is bullish, but after a strong rally, a short-term ABC pullback may create a cleaner continuation setup.
⟡ Market structure
The chart shows gold broke above the downtrend line and pushed strongly into the 4,346 area. This breakout is important because it confirms that sellers are no longer controlling the short-term structure.
Price is now trading near the end point of the bullish wave structure around 4,358. This area may create short-term hesitation, so a correction from here would be normal.
The main support to watch is 4,235. This is marked as the short-term ABC correction zone. If gold pulls back into this area and buyers defend it, the next bullish wave may continue towards the weekly liquidity resistance around 4,455.
➤ Key levels
◌ 4,346: current price reaction area
◌ 4,358: end point of current bullish wave structure
◌ 4,235: short-term ABC correction / main buy reaction zone
◌ 4,162: contested price acceptance zone
◌ 4,455: weekly resistance and liquidity target
◌ Below 4,162: area where the bullish setup starts to weaken
⌁ Elliott Wave view
From an Elliott Wave perspective, gold appears to have completed a strong bullish 5-wave move after breaking the old downtrend.
Wave 1 started the first recovery from the lower base.
Wave 2 created a controlled correction.
Wave 3 pushed strongly higher and confirmed bullish momentum.
Wave 4 held structure before the next expansion.
Wave 5 is now reaching the 4,346–4,358 area.
After wave 5, an ABC correction is normal. If wave C finishes around 4,235 and buyers protect this area, gold may prepare for another bullish continuation towards 4,455.
▸ Trading scenario
Preferred scenario: wait for gold to correct into support and show bullish confirmation.
Entry zone: 4,235–4,250 if bullish confirmation appears
Stop loss: below the confirmed ABC low or below 4,162
Take profit 1: 4,346–4,358
Take profit 2: 4,400
Take profit 3: 4,455
Alternative scenario: if gold breaks above 4,358 without a deep pullback and holds strongly, price may continue directly towards 4,455. In that case, waiting for a retest of 4,358 as support would be the cleaner continuation setup.
⌁ Kelly’s view
For Kelly, the main trend is still bullish after the downtrend breakout. Gold has already shown strong buying pressure, but the market is now near an important reaction zone.
The best plan is patience. If gold corrects into 4,235 and buyers defend the zone, the next bullish move may continue towards the weekly liquidity target.
Gold remains in a bullish continuation structure.
If the ABC correction holds, the next upside target is 4,455.
📌 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
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน
📌 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
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน