Elliott Wave Analysis – XAUUSD 18/9/2026GoldOANDA:XAUUSDWavePoint_FX H4 Timeframe Yesterday, we saw a clear bullish move. Up to this point, there is one important detail to note: this rally has changed the previous market structure. Looking at the preceding decline, price broke below the previous lowest low and swept all the liquidity underneath. It then reversed sharply and moved above the previous high. This is a very important structural signal. When looking at the lower-degree structure, the current bullish move appears to resemble a 5-wave structure. Therefore, we should continue to wait for further confirmation from price before drawing a stronger conclusion. H4 momentum is currently turning bullish, which suggests that the current rally may continue toward the 4438 area. This is also a high-liquidity zone and an important area to watch for a potential bearish reaction. Looking at the Volume Profile, price is currently trading inside a major liquidity zone extending from 4316 to 4438. Therefore: 4438 represents the upper boundary of this liquidity zone and may act as resistance. 4316 represents the lower boundary and may act as support. Under the current market conditions, 4438 will be the main area where I will focus on looking for Sell opportunities. On the other hand, 4316 will be the main area where I will focus on looking for Buy opportunities.