XAUUSD — Bullish Wave 3 From FVG Buy ZoneGoldOANDA:XAUUSDKelly_Koou_Gold Gold is showing a promising bullish recovery after completing its previous bearish Elliott Wave sequence near 4,075–4,080. From Kelly’s view, the chart suggests that XAUUSD may be developing a new five-wave bullish structure, with buyers attempting to establish a higher low above the current FVG support. The key idea is simple: if gold continues to defend the 4,138–4,145 buy zone, the next bullish impulse may push price toward 4,200, followed by the higher Elliott Wave targets. ⟡ Market structure Gold is currently trading around 4,157, following a strong recovery from the recent low near 4,075–4,080. The latest price action shows a potential shift in short-term momentum. After forming a new recovery high near 4,165, gold pulled back into the Buy zone FVG around 4,138–4,145, where buyers began reacting again. The first resistance is located around 4,162–4,165, followed by the FVG resistance at 4,171–4,177. If gold breaks above these areas, the bullish structure may strengthen and open the way toward 4,200, then the major resistance around 4,218–4,223. The larger wave 5 projection remains near 4,270–4,277, supported by the Fibonacci 1.618 extension. ➤ Key levels ◌ Current price area: 4,157–4,162 ◌ Main Buy zone FVG: 4,138–4,145 ◌ Deeper FVG support: 4,112–4,135 ◌ First resistance: 4,162–4,165 ◌ Fibonacci / FVG resistance: 4,171–4,177 ◌ Strong resistance: 4,200–4,201 ◌ Wave 3 resistance target: 4,218–4,223 ◌ Main wave 5 target: 4,270–4,277 ◌ Bullish invalidation: Below 4,075 ⌁ Elliott Wave view The chart suggests that the previous bearish wave (5) may have completed around 4,075–4,080, creating the foundation for a new bullish Elliott Wave cycle. Wave (1) may have started from the recent bottom and pushed gold toward 4,165. Wave (2) appears to be developing around the 4,138–4,145 FVG support zone. If buyers defend this area, wave (3) may accelerate toward 4,200–4,201 and potentially 4,218–4,223. Wave (4) could then produce a controlled correction toward the 4,171–4,177 Fibonacci/FVG area. Wave (5) may extend toward 4,270–4,277, where the Fibonacci 1.618 projection aligns with the upper target zone. This is why Kelly is paying close attention to the current FVG support. A successful defense could provide the foundation for the next bullish expansion. ▸ Trading scenario Preferred bullish scenario Entry: Buy around 4,138–4,145 after bullish confirmation Stop Loss: Below 4,110 Take Profit 1: 4,162–4,165 Take Profit 2: 4,171–4,177 Take Profit 3: 4,200–4,201 Take Profit 4: 4,218–4,223 Extended target: 4,270–4,277 Alternative bullish scenario If gold breaks above 4,177 and successfully retests this level as support, buyers may look for continuation toward 4,200 and 4,218–4,223. A confirmed breakout above 4,223 would strengthen the larger bullish wave projection toward 4,270–4,277. ◌ Invalidation The immediate bullish setup becomes weaker if gold breaks below 4,138 and fails to reclaim the FVG buy zone. A sustained move below 4,110 would suggest a deeper correction, while a breakdown below 4,075 would invalidate the proposed bullish Elliott Wave structure. ⌁ Kelly’s view Kelly’s main view remains cautiously bullish while gold holds above the 4,138–4,145 buy zone. The market has shown a strong reaction from the previous wave 5 low, and the current structure suggests that buyers may be preparing for the next upward impulse. The cleaner plan is to wait for confirmation from the FVG buy zone rather than chase price near resistance. If buyers defend support and gold breaks above 4,177, the next upside path may open toward 4,200, followed by 4,218–4,223. The larger Elliott Wave target remains near 4,270–4,277 if bullish momentum continues. Do you think gold will start wave (3) directly from the FVG buy zone, or retest deeper support before the next rally?