Gold Rebounds from a Double Bottom in a Major Demand ZoneGoldOANDA:XAUUSDNouzTraderThe H4 structure reveals the formation of a precise "Double Bottom Rebound" reversal pattern above a Major Demand Zone. The recent sharp decline, which retested the 4,066.151 floor level, was immediately met with a bullish recovery candle (characterized by a strong lower wick rejection). XAUUSD At the 4,145.565 price level, the latest H4 candle shows a surge in buying momentum following the absorption of supply within the 4,100.000 – 4,120.000 range. The formation of a double bottom above the 4,066.151 line confirms that sellers failed to achieve a breakdown, and control of the market has shifted back to institutional buyers (via buying limit absorption). ------------------------------------------------------------------------------------------------------------------- ✅ Key Zones: - ⚡Resistance / Supply Zone (SBR): The 4,227.178 green line (SBR area and nearest local resistance), the 4,315.388 green line (middle gray box / secondary Supply Zone), and the 4,399.661 green line (the ceiling of the Major Supply Zone). - ⚡Support / Demand Zone: The 4,120.000 – 4,140.000 range (local Support area where the price is currently rebounding), the 4,080.000 – 4,100.000 range (the main gray Demand Zone box), and the 4,066.151 green line (the floor of the Double Bottom / Structural Low, following a liquidity sweep). ------------------------------------------------------------------------------------------------------------------- ✅ Elliott Wave Analysis Mapping wave cycle movements on the H4 timeframe: ⚡Wave Structure: A sharp, impulsive decline from the peak—concluding with a "double bottom" liquidity sweep at the green line (4,066.151)—is interpreted as the final completion of a corrective Wave 4 (specifically a "liquidity grab" or "double bottom ABC pullback"). ⚡Current Status: A V-shaped recovery from the 4,066.151 level—currently hovering around 4,145.565—confirms that the Wave 4 correction has concluded within a Major Demand area. The market is now entering the initial stage of an impulsive Wave 5 expansion. ⚡Projection: Price action is projected to continue this impulsive Wave 5 push, aiming to test and break through the Support-Become-Resistance (SBR) level at the green line (4,227.178). It is expected to traverse a "low volume node" (LVN) zone, targeting a test of the intermediate SBR area near the green line (4,315.388), with an extended target toward the upper boundary of the Major Supply Zone at the green line (4,399.661). ------------------------------------------------------------------------------------------------------------------- The overall bias for XAUUSD on the H4 timeframe—based on the broader structure and order flow—is BULLISH (Rebound / Wave 5 phase). Future price movement is projected to CONTINUE UPWARD (Rebound/Continuation) from the current support/High Volume Node (HVN) level, moving across a "volume vacuum" zone toward the Support-Become-Resistance (SBR) / High Volume Node (HVN) area near the green line (4,227.178), with extended targets reaching the 4,315.388 – 4,399.661 range.