XAUUSD — Wave 5 Lower Toward 4,250GoldOANDA:XAUUSDKelly_Koou_Gold From Kelly’s view, gold remains inside a short-term bearish structure after rejecting from the 4,370 area. Price is now trading around 4,313, below the key liquidity retest level at 4,323, while the current decline continues to respect the projected Elliott Wave sequence. The key idea is simple: the broader downside structure may remain active while price stays below the 4,325–4,335 sell zone, with Wave (5) potentially extending toward the 4,250–4,260 target area. ⟡ Market structure Gold has formed a clear lower-high structure after failing near 4,370. The latest bearish leg has already pushed price below 4,323, turning this level into an important liquidity retest area. A corrective rebound toward 4,325–4,335 could therefore become the next zone where sellers look for confirmation. Below current price, the 4,298–4,305 area is the first important support and short-term buy zone. If this support fails, bearish continuation could accelerate toward the larger Fibonacci extension and projected Wave (5) completion zone around 4,250–4,260. ➤ Key levels ◌ Current price area: 4,310–4,315 ◌ Main sell zone: 4,325–4,335 ◌ Liquidity retest: 4,323 ◌ Strong resistance: 4,365–4,375 ◌ First support: 4,298–4,305 ◌ First target: 4,300 ◌ Second target: 4,280 ◌ Main target: 4,250–4,260 ◌ Invalidation: Above 4,375 ⌁ Elliott Wave view Wave (1): The first bearish leg started from the recent upper structure and pushed price lower. Wave (2): Gold corrected back toward the 4,370 area, but buyers failed to create a new high. Wave (3): The stronger bearish impulse is now driving price toward the 4,300 zone. Wave (4): A corrective rebound may develop toward 4,323–4,335, where liquidity and resistance overlap. Wave (5): If sellers defend that rebound, the final bearish leg could extend toward 4,280 and then the 4,250–4,260 Fibonacci target zone. ▸ Trading scenario Preferred bearish scenario Entry: 4,325–4,335 after bearish confirmation Stop Loss: Above 4,375 Take Profit 1: 4,300 Take Profit 2: 4,280 Take Profit 3: 4,250–4,260 The cleaner plan is to wait for a liquidity retest and bearish rejection around 4,323–4,335 rather than chase the current move lower. Alternative scenario: If gold holds the 4,298–4,305 support and breaks back above 4,335, price could extend into a deeper corrective rebound before the broader bearish structure resumes. ◌ Invalidation The bearish scenario would weaken if price regains sustained acceptance above 4,335. A confirmed break above 4,375 would invalidate the preferred Wave (5) continuation structure. ⌁ Kelly’s view Kelly’s main view remains bearish while gold stays below the 4,325–4,335 resistance zone. The first key test is 4,298–4,305. If sellers break this support, the bearish sequence may continue toward 4,280, followed by the larger 4,250–4,260 Wave (5) target. Do you think gold will retest the 4,325–4,335 sell zone first, or continue directly toward 4,260?