XAUUSD — Bearish Wave Toward 4,160GoldOANDA:XAUUSDKelly_Koou_Gold Gold is still moving inside a clear bearish channel after failing to break above the descending trendline. From Kelly’s view, the current chart suggests that XAUUSD remains under downside pressure, and the latest recovery may only be a short correction before another bearish Elliott Wave leg continues. The key idea is simple: gold is trading below the FVG sell zone, and if buyers cannot reclaim this resistance, sellers may continue pushing price toward the lower support and final target area. ⟡ Market structure Gold is currently trading around 4,283, still inside the descending channel. The short-term recovery is being capped below the 4,288–4,300 FVG sell zone, which is now the key resistance area. The market is still forming lower highs, and price action remains weak below the trendline. If gold rejects from the sell zone again, the first downside area to watch is the strong support near 4,255–4,265. A clean break below this support may open the next bearish move toward 4,225–4,235. If sellers keep control, the final Elliott Wave target remains around 4,155–4,165. ➤ Key levels ◌ Current price area: 4,283 ◌ FVG sell zone: 4,288–4,300 ◌ Short-term resistance: 4,300–4,320 ◌ Strong support: 4,255–4,265 ◌ Buy reaction zone: 4,225–4,235 ◌ Main bearish target: 4,155–4,165 ◌ Bearish invalidation: above 4,320 ⌁ Elliott Wave view The chart shows a possible bearish Elliott Wave continuation. Wave (1) started after gold rejected from the upper channel area. Wave (2) created a short corrective rebound into the FVG sell zone. If price fails below 4,300, wave (3) may continue lower toward 4,225–4,235. Wave (4) may create a small recovery from the lower reaction zone. Wave (5) may complete the bearish structure near 4,155–4,165. This is why Kelly is not chasing buys at the current price. The cleaner plan is to wait for price to reject the FVG sell zone or break below strong support with clear bearish momentum. ▸ Trading scenario Preferred bearish scenario Entry: Sell around 4,288–4,300 if price gives bearish rejection Stop Loss: Above 4,320 Take Profit 1: 4,255–4,265 Take Profit 2: 4,225–4,235 Take Profit 3: 4,155–4,165 Alternative entry If gold breaks below 4,255 and retests this level weakly, sellers may look for continuation toward 4,225–4,235 and then 4,155–4,165. ◌ Invalidation The bearish view becomes weaker if gold breaks above 4,320 and holds above the descending trendline. In that case, the current bearish wave structure may be delayed, and price could attempt a stronger recovery first. ⌁ Kelly’s view Kelly’s main view remains bearish while gold stays below the 4,288–4,300 FVG sell zone. The structure still favors selling rallies rather than chasing short-term rebounds. If sellers defend the sell zone, gold may continue toward 4,255–4,265, then 4,225–4,235. The larger bearish target remains near 4,155–4,165 if wave (5) extends. Do you think gold will reject from the FVG sell zone first, or break strong support directly?