Hellena | GOLD (4H): LONG to the 4603.90 resistance area.XAU/USD SpotFX:XAUUSDHellena_TradeA similar situation is developing on Gold: the price is again moving within a local consolidation after reacting from the lower support area. Judging by the current wave structure, the "abc" correction within the blue wave "2" may have been completed around the 4365.14–4366.28 area. I consider 4366.28 to be the cancellation level for the current bullish scenario. If the price reaches or breaks below 4366.28, it would mean that wave "2" is not finished yet, and the current wave count would need to be reassessed. But as long as the price stays above this level, the bullish continuation scenario remains valid for me. Right now, the market is trading near the local 4424.83 area and is trying to build a base for another move higher. I allow for the price to remain inside this sideways structure for some time, but as long as support holds, my main scenario remains focused on long positions. The nearest target I am watching is the 4603.90 resistance area. This is an important zone where the price has already reacted before, so I see it as the minimum target for the current bullish scenario. From a fundamental point of view, the background for Gold remains mixed. On the one hand, expectations of tighter Fed policy and elevated yields may put pressure on Gold. On the other hand, geopolitical uncertainty and the upcoming U.S. labor market data keep safe-haven demand relevant and may support a recovery attempt. So technically, as long as the 4366.28 cancellation level is not broken, my priority remains on the long side. Manage your capital properly and wisely! Enter trades only based on reliable patterns!