XAUUSD: ABC Completion May Open a New Wave 5GoldOANDA:XAUUSDKelly_Koou_Gold Gold is stabilising after completing the previous ABC corrective structure, and the chart is now showing early signs of a new Elliott wave sequence. From Kelly’s view, the market has already reacted strongly from the lower liquidity area near 4,053, then moved into an accumulation zone around 4,180–4,240. The key idea is simple: the ABC structure looks complete, but the next upside wave still needs confirmation through the nearest resistance. ⟡ Market structure Price has recovered sharply after the previous decline, suggesting that the downside pressure may have lost momentum near the lower support zone. The market is now consolidating inside the liquidity accumulation area, which often acts as a base before the next directional move. The nearest resistance sits around 4,240–4,250. If gold can break and hold above this area, the structure may confirm that buyers are preparing for the next leg higher. Above that, the larger resistance zone near 4,300–4,320 becomes the next important target, where the chart marks the previous Elliott wave 5 completion area. ➤ Key levels ◌ 4,180–4,240: liquidity accumulation zone ◌ 4,240–4,250: nearest breakout resistance ◌ 4,300–4,320: Elliott wave 5 completion resistance ◌ 4,053: key support and invalidation area ◌ Below 4,053: area where the bullish recovery structure weakens ⌁ Elliott Wave view From an Elliott Wave perspective, the previous ABC correction appears to be complete. The latest recovery can now be read as the beginning of a fresh 5-wave Elliott structure. The current consolidation may represent the early wave 1 and wave 2 formation. If price breaks above the nearest resistance, wave 3 may already be developing, and the market could later prepare for wave 5 towards 4,300–4,320. If the breakout fails and price returns below 4,180, the wave count becomes less clean. A deeper break below 4,053 would weaken the bullish recovery scenario and suggest that gold may need to rebuild another base. ▸ Trading scenario Preferred scenario: wait for price to break above the nearest resistance before expecting continuation. Entry zone: after bullish confirmation above 4,240–4,250 Stop loss: below 4,180 or below the confirmed higher low Take profit 1: 4,300 Take profit 2: 4,320 Take profit 3: 4,360 if wave 5 expands strongly Alternative scenario: if gold fails to break resistance and loses 4,180, the structure may remain in accumulation. If 4,053 breaks, the bullish Elliott setup loses quality and the market should be reassessed. ⌁ Kelly’s view For Kelly, this is a confirmation-based recovery setup. The ABC structure looks complete, and the market may now be building a new 5-wave Elliott sequence, but the breakout above resistance is still the key. Gold is no longer showing the same downside pressure as before. If buyers reclaim 4,240–4,250, the next wave structure may begin to open. Share your view below.