XAUUSD Author: Kelly_Koou_Gold — TradingView

Gold prices have remained under pressure for much of the week, with every recovery attempt below the broader downside structure failing. Kelly believes the current period of consolidation around 4,490-4,525 still looks more like a continuation of previous stops rather than a confirmed bullish move.

⟡ Market structure

Earlier this week, price rejected the upper trendline area before falling into a clear sell zone and liquidity zone for sellers. Buyers tried to stabilize the market, but gold prices failed to regain the main resistance area above 4,550-4,600.

➤ Critical level

◌ 4,550–4,600: Main recovery resistance
◌ 4,492: Short-term decision-making area
◌ 4,437: Sell-side liquidity support
◌ 4,354: Deeper support and potential reaction zone

⌁ Eliot’s point of view

The current trend suggests that gold prices may be forming the final part of a downward series. The final sideways move could be a minor corrective wave before continuing the decline.

▸ The next important thing is

If prices continue to hold below 4,550, sellers may retain control and take gold back to 4,437, and if momentum builds, it could reach 4,354.

A clear break above 4,600 is necessary to weaken the bearish structure and change the short-term outlook.

⌁ Kelly’s POV

This is still a recovery sell structure for Kelly. The market did not break out significantly, but it also did not regain resistance significantly.

The weekly message is clear: gold prices are stabilizing, but the broader structure remains favorable for downside risks, while resistance remains.