XAUUSD — Medium-Term Bearish Structure Below Fib ZoneGoldOANDA:XAUUSDKelly_Koou_Gold Gold is showing a clear medium-term bearish structure after completing a large Head and Shoulders pattern. From Kelly’s view, the chart suggests that XAUUSD remains under downside pressure, and the current consolidation may only be a pause before the next bearish leg continues. The key idea is simple: gold is still trading below the Fibonacci sell zone, and as long as buyers cannot reclaim that resistance, the medium-term structure remains bearish toward the lower support and target zones. ⟡ Market structure Gold is currently trading around 4,140, after failing to recover strongly from the broken structure. The larger pattern shows a clear Left Shoulder – Head – Right Shoulder formation, which usually signals weakness after a strong bullish phase. The neckline area has already been pressured, and price is now moving below the main recovery zone. The short-term support around 4,108–4,110 is important, but if sellers break this level, gold may continue toward the next liquidity area near 4,045. The main resistance remains the 4,240–4,270 Fibonacci sell zone. As long as gold stays below this area, rebounds may still be viewed as corrective, not a confirmed bullish reversal. ➤ Key levels ◌ Current price area: 4,140 ◌ Near support: 4,108–4,110 ◌ Liquidity level: 4,045 ◌ Strong support: 3,960–3,985 ◌ Main bearish target: 3,835–3,860 ◌ Fibonacci sell zone: 4,240–4,270 ◌ Bearish invalidation: above 4,280–4,300 ⌁ Elliott Wave view The chart suggests that gold may be developing a medium-term bearish Elliott Wave sequence after the Head and Shoulders breakdown. Wave (1) started after price rejected from the right shoulder area. Wave (2) created a corrective rebound into resistance but failed to shift the structure. Wave (3) may continue lower if gold breaks below 4,108 and 4,045. Wave (4) could later create a short rebound from the lower support zone. Wave (5) may complete the larger bearish move near 3,835–3,860. This is why Kelly is not treating the current range as a bullish reversal. The structure is still heavy, and the stronger confirmation for sellers comes if gold loses the 4,108 support. ▸ Trading scenario Preferred bearish scenario Entry: Sell around 4,240–4,270 if price retests and gives bearish rejection Stop Loss: Above 4,300 Take Profit 1: 4,108–4,110 Take Profit 2: 4,045 Take Profit 3: 3,960–3,985 Take Profit 4: 3,835–3,860 Alternative entry If gold breaks below 4,108 and retests this area weakly, sellers may look for continuation toward 4,045, then 3,960–3,985. ◌ Invalidation The bearish view becomes weaker if gold breaks above 4,280–4,300 and holds above the Fibonacci sell zone. In that case, the current Head and Shoulders breakdown may lose strength, and price could attempt a stronger recovery first. ⌁ Kelly’s view Kelly’s main view remains bearish while gold stays below 4,240–4,270. The medium-term structure still favors selling rebounds rather than chasing early buys. If sellers break 4,108, gold may continue toward 4,045, then 3,960–3,985. If bearish momentum expands, the larger Elliott Wave target remains near 3,835–3,860. Do you think gold will retest the Fibonacci sell zone first, or break the 4,108 support directly?