XAUUSD: Pullback Before Wave 5 RallyGoldOANDA:XAUUSDKelly_Koou_Gold Gold is still holding a bullish Elliott structure after a strong recovery from the lower zone. From Kelly’s view, the current move suggests that XAUUSD may be preparing for wave 5 continuation, but price may need a short correction first before the next upside leg becomes cleaner. ⟡ Market structure The chart shows gold pushed strongly from the 4,320 area and broke higher into the 4,500 region. Price is now reacting near 4,488 after slowing below the short-term resistance around 4,515–4,525. This does not break the bullish view. It looks more like a wave 4 correction before the market attempts another move higher. The key area to watch is the Buy zone wave 5 around 4,440–4,460. If gold pulls back into this zone and buyers defend it, the next bullish wave may continue towards the upper Fibonacci target around 4,640–4,660. ➤ Key levels ◌ 4,440–4,460: Buy zone wave 5 ◌ 4,488: current price reaction area ◌ 4,515–4,525: short-term resistance ◌ 4,640–4,660: End wave 5 / Fibonacci target ◌ Below 4,430: bullish setup starts to weaken ⌁ Elliott Wave view Gold appears to be building a bullish 5-wave structure. Wave 1 started the recovery from the lower base. Wave 2 corrected and held above support. Wave 3 pushed strongly into resistance. Wave 4 may now pull back towards 4,440–4,460. If this zone holds, wave 5 may extend towards 4,640–4,660. ▸ Trading scenario Preferred scenario: wait for gold to correct into the buy zone and show bullish confirmation. Entry zone: 4,440–4,460 Stop loss: below 4,430 or below the confirmed wave 4 low Take profit 1: 4,515–4,525 Take profit 2: 4,580 Take profit 3: 4,640–4,660 Alternative scenario: if gold breaks below 4,430 with strong bearish pressure, the wave 5 bullish setup becomes weaker and price may need to rebuild support first. ⌁ Kelly’s view For Kelly, the main structure remains bullish, but buying after a pullback is cleaner than chasing near resistance. If 4,440–4,460 holds, gold may continue wave 5 towards the Fibonacci target above. Share your view below.