XAUUSD: Wave 4 Stalls at the Sell ZoneGoldOANDA:XAUUSDKelly_Koou_Gold Gold is trading directly under the 4,560–4,572 sell zone after a strong medium-term decline from the previous high. From Kelly’s view, the current rebound still looks more like a corrective wave 4 than the beginning of a clean bullish reversal. The important point is simple: price has recovered, but it is still reacting below resistance. ⟡ Market structure The broader structure remains defensive. Gold has been forming lower highs since the major rejection near the upper range, while each recovery attempt continues to lose strength near resistance. The current zone around 4,560–4,572 is important because it sits right where the latest rebound is struggling. If buyers fail to reclaim this area with strength, the market may rotate lower again and continue the larger bearish sequence. ➤ Key levels ◌ 4,560–4,572: sell zone and current resistance ◌ 4,367: first downside support ◌ 4,099: strong support and next major reaction zone ◌ 3,450–3,500: Fibonacci 1.618 extension and deeper long-term target zone ◌ Above 4,600: area where the bearish wave count starts to weaken ⌁ Elliott Wave view From an Elliott Wave perspective, gold appears to be trading inside a larger bearish sequence after completing the previous upside cycle. The current rebound fits better as wave 4 because price is rising into resistance but has not created a strong structural breakout. If wave 4 is close to completion, the next major move could be wave 5 lower. That would make 4,367 the first area to watch. If this level breaks, the structure may open the path towards 4,099. A stronger downside continuation could later bring attention back to the Fibonacci 1.618 zone around 3,450–3,500. ▸ Trading scenario Preferred scenario: wait for rejection from the 4,560–4,572 sell zone. Entry zone: 4,560–4,572 if bearish confirmation appears Stop loss: above 4,600 Take profit 1: 4,367 Take profit 2: 4,099 Take profit 3: 3,450–3,500 If gold breaks above 4,600 and holds there, the bearish wave 4 scenario would lose quality and the structure may need to be reassessed. ⌁ Kelly’s view For Kelly, this is not a clean bullish continuation chart yet. The rebound is visible, but it is happening directly under a key sell zone. As long as gold remains capped below 4,560–4,572, the preferred view is that wave 4 may be ending and wave 5 lower could still develop. The rebound is real, but resistance is still in control. Share your view below.