Gold continues to move into a sensitive resistance zone, but the rebound still does not appear to be enough to shift the broader structure into an uptrend.

From Kelly’s perspective, this move still looks more like a compensatory correction than the start of an outright bullish reversal. Price is currently testing the 4695-4710 sell zone while also reacting near the downtrend line. This combination makes this area important as the market can decide here whether the rally will extend further or return to a prevailing bearish structure.

Technical structure

The broader chart still looks defensive. The price has rebounded from the 4670 support area, but the rebound remains limited and unstable. More importantly, gold prices are still trading below the overhead resistance level, which means that buyers have created a rebound, but it is not a true structural reversal.

The current setup is noteworthy for three reasons:

Prices are retesting sales area 4695-4710
Rebound encounters trendline resistance
The broader structure still points to lower highs and endless downward pressure

As long as gold remains below nearby resistance, the rally could easily fail.

Elliot Wave Vision

From an Elliott Wave perspective, the current pullback is still more suited as a fourth wave correction following the previous impulse pullback. If this count is correct, the next big move could be a fifth wave down.

That’s why the current rally should be judged based on its structure, not just the fact that prices are rising. A true bullish reversal is usually a reoccupation of a resistance level with stronger continuation and acceptance above it. So far, the recovery still looks on track and under control.

Fibonacci Structures and Liquidity

Fibonacci forecasts continue to support the bearish scenario. The downside path still leaves room for 1,618, which is consistent with deeper liquidity areas around 4,573.

This is important because when Fibonacci expansion overlaps with a clear liquidity area, that area often becomes a significant bearish magnet if the market resumes trend.

For now, the main reference points remain:

4695-4710 as immediate resistance zone and sell zone
4670 as the first bearish catalyst
If downside momentum expands, 4573 will become a target for deeper liquidity
The next important thing is

If gold fails to break cleanly above the 4695-4710 area and begins to pull back below 4670, the corrective rebound may be nearing completion. This would strengthen the case for further downside towards 4573.

On the other hand, if buyers retract the selling zone, open the downtrend line, and establish acceptance above nearby resistance, then the current bearish wave will lose its quality by calculation.

Currently, the price is still reacting below the resistance level rather than reclaiming it.

meet kelly

This is still a sell-on-bounce type chart for Kelly. The rebound at 4670 was significant but formed resistance and did not break through it. This leaves the broader bearish structure intact for now.

As long as gold remains trapped below the current selling zone and fails to reclaim overhead resistance, Kelly’s preferred interpretation remains that the market is ending its fourth wave and may still be preparing for a fifth wave lower.

in conclusion

Gold is rebounding, but the structure still looks corrective rather than bullish. The 4695-4710 area is the main monitoring area. If resistance persists, gold prices may first return to 4670, with 4573 still serving as a deeper bearish reference.

The bounce is there.
But structurally, the chart still suggests that the most significant move may be to the downside.

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