Gold is still showing strong bullish momentum after breaking away from the previous consolidation structure. From Kelly’s view, the market is now building a clearer Elliott Wave recovery, and the current setup suggests that price may continue higher if the pullback holds above the 4,285–4,300 buy zone.

The key idea is simple: gold is bullish, but the better plan is to wait for a healthy correction before following the next upside wave.

⟡ Market structure

The chart shows gold has made a strong recovery from the lower base and is now trading around 4,315. The latest impulse pushed price into a higher structure, confirming that buyers are still active.

The nearest support is the 4,285–4,300 buy zone. This area is important because it may become the base for the next bullish continuation. If price pulls back into this zone and buyers defend it, gold may continue towards the 4,327 and 4,380 resistance levels.

The next major resistance sits around 4,409–4,421. If gold breaks above this zone with strong momentum, the larger Elliott Wave target near 4,640–4,670 may become the next area to watch.

➤ Key levels

◌ 4,285–4,300: main buy zone and wave support
◌ 4,315: current price reaction area
◌ 4,327: first resistance checkpoint
◌ 4,380: key resistance zone
◌ 4,409–4,421: major sell zone / breakout decision area
◌ 4,640–4,670: possible Elliott wave 5 completion zone
◌ Below 4,240: area where the bullish setup starts to weaken

⌁ Elliott Wave view

From an Elliott Wave perspective, gold appears to be developing a bullish continuation sequence after a strong recovery phase.

Wave 1 created the first push from the lower structure.
Wave 2 corrected but held above the base.
Wave 3 may now be developing towards the 4,380–4,421 resistance area.
Wave 4 may later create a short pullback around resistance.
If momentum remains strong, wave 5 may extend towards the upper Fibonacci target near 4,640–4,670.

This is why Kelly is not looking to sell too early. The structure still favours the buyers unless price loses the key support zone.

▸ Trading scenario

Preferred scenario: wait for gold to pull back into the buy zone and show bullish confirmation.

Entry zone: 4,285–4,300 if bullish confirmation appears
Stop loss: below the confirmed pullback low or below 4,240
Take profit 1: 4,327
Take profit 2: 4,380
Take profit 3: 4,409–4,421
Take profit 4: 4,640–4,670 if wave 5 extends strongly

Alternative scenario: if gold breaks below 4,240 with strong bearish pressure, the bullish Elliott setup weakens. In that case, price may need to build a new support base before the next continuation becomes reliable.

⌁ Kelly’s view

For Kelly, gold remains in a bullish continuation structure. The market has already shown strong buying pressure, but after such a sharp move, a pullback into support would make the next buy setup cleaner.

The main zone to watch is 4,285–4,300. If buyers protect this area, gold may continue higher towards 4,380 first, then the larger resistance near 4,409–4,421.

Gold is still showing bullish strength.
If the buy zone holds, the next Elliott wave may continue higher.

Share your view below.