XAUUSD Weekly: ABC Pullback Into Fib ZoneGoldOANDA:XAUUSDKelly_Koou_Gold Gold is still holding a strong recovery structure after the aggressive bullish move from the lower base. However, from Kelly’s view, the market is now trading near a short-term sell reaction zone, which means the next weekly move may not be a straight continuation higher. The key idea is simple: gold may correct through an ABC structure first, then look for a new bullish reaction around the Fibonacci buy zone. ⟡ Market structure The chart shows gold created a powerful upside move from the 4,000 area and reached the 4,430–4,450 region before slowing down. After such a strong move, the current reaction near 4,376 suggests buyers are no longer pushing with the same momentum. Price is now sitting close to the Sell wave C zone around 4,380–4,400. This is an important area because if gold fails to break above it, sellers may create a corrective move lower. The first support to watch is 4,317. If this level breaks, gold may continue the ABC correction towards the 4,220–4,240 area, where the chart marks the End wave ABC / Buy zone. ➤ Key levels ◌ 4,380–4,400: Sell wave C and short-term resistance zone ◌ 4,376: current price reaction area ◌ 4,317: key support and first bearish checkpoint ◌ 4,220–4,240: End wave ABC / Fibonacci buy zone ◌ 4,440–4,460: recent high resistance area ◌ Below 4,220: area where the bullish recovery setup weakens ⌁ Elliott Wave view From an Elliott Wave perspective, gold appears to have completed a strong bullish impulse from the lower structure. After that, the current movement may develop into an ABC correction. Wave A may start from the current sell reaction area. Wave B may create a short rebound around 4,317. Wave C may continue lower towards 4,220–4,240, where the Fibonacci buy zone is located. If wave C completes around this zone and buyers defend it, gold may prepare for another bullish recovery phase later in the week. This means Kelly will not chase buy positions near the current high. The better setup is to wait for the correction to finish and watch the reaction around the Fibonacci support zone. ▸ Trading scenario Preferred scenario: wait for gold to reject from the Sell wave C zone and correct lower into support. Sell reaction zone: 4,380–4,400 if bearish confirmation appears Stop loss: above the confirmed rejection high or above 4,420 Take profit 1: 4,317 Take profit 2: 4,220–4,240 Buy scenario after correction: wait for price to reach the End wave ABC / Buy zone and show bullish confirmation. Buy zone: 4,220–4,240 if bullish confirmation appears Stop loss: below the confirmed wave C low Take profit 1: 4,317 Take profit 2: 4,380–4,400 Take profit 3: 4,440–4,460 if bullish momentum returns Alternative scenario: if gold breaks above 4,400 and holds strongly, the ABC correction may be delayed. In that case, price may retest the recent high zone first before any deeper pullback appears. ⌁ Kelly’s view For Kelly, the weekly structure is still bullish in the bigger picture, but the short-term setup is showing correction risk. Gold is near resistance after a strong rally, so patience is important. The cleaner plan is to wait for the ABC pullback. If gold reaches 4,220–4,240 and buyers defend the zone, the next bullish recovery may become much stronger. Gold may correct first. If the Fibonacci buy zone holds, the next recovery wave can continue. Share your view below.