XAUUSD – Wave (4) Pullback Setting Up Wave (5) ExtensionGoldOANDA:XAUUSDBrianLionCapitalHey Traders, Gold on the M30 chart is still holding a bullish structure, but the recent push into the upper channel line shows early signs of exhaustion. Here’s my full breakdown and trading plan: 🔍 Technical Overview Price just completed Wave (3) around 3697.40, tagging the upper trend channel – a natural profit-taking zone. The 3666–3670 range has been a key pivot/support zone multiple times; I expect a pullback into this area for Wave (4) before another rally. 3657 marks deeper support and the invalidation point for the bullish setup. If Wave (4) holds, Wave (5) targets 3720–3725. 📈 Key Levels TypePrice LevelNotes Resistance3695–3700Wave (3) top + upper channel edge – watch rejection Support (1)3666–3670Primary buy zone for Wave (4) Support (2)3657Strong support & invalidation Wave (5) TP3720–3725Expected Wave (5) extension target ⚙️ Trading Plan ✅ Primary Setup – Buy the Dip (Trend Continuation) Entry Zone: 3666–3670 (or a brief sweep to ~3657). Confirmation: Bullish engulfing candle, pin bar, or MACD crossover on M30. Targets: TP1: 3695–3700 (prior highs) TP2: 3720–3725 (Wave (5) projection) Stop Loss: Below ~3652. Risk/Reward: ~1:2 to 1:3 depending on entry. ⚠️ Secondary Setup – Countertrend Short Scenario: Strong rejection again at 3695–3700. Targets: 3670 → 3657. Stop Loss: Above ~3703–3707. Note: This is countertrend and higher risk – take quick profits, small position sizing. 🛡 Risk & Invalidation A close below 3656 with a break of the lower trend channel invalidates the bullish Wave (5) scenario. Always risk ≤1–1.5% per trade, wait for confirmation, and don’t chase if price runs without you. 🧭 Final Thoughts Gold remains in a bullish short-term channel. A healthy pullback into 3666–3670 could provide the perfect entry for the next Wave (5) leg up. Be patient for price action confirmation. Countertrend shorts are possible on a sharp rejection at 3695–3700, but the main play is buying the dip. Stay disciplined, trade the levels, and let the market come to you.