Indices and commodities
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GOLD
Short
Gold Resistance Test
Rationale
TradingView idea: XAUUSD — Wave 5 Lower Toward 3,850 for OANDA:XAUUSD by Kelly_Koou_Gold
TradingView symbol: XAUUSD
From Kelly’s view, gold remains inside a short-term bearish structure after rejecting from the 4,060 area and breaking below the rising trendline. Price is currently trading around 3,978, while the latest consolidation remains beneath the key Wave (4) resistance zone.
The key idea is simple: if sellers continue to defend the 3,995–4,005 sell zone, gold may resume the bearish Elliott Wave sequence toward 3,930, 3,895, and eventually the 3,840–3,850 Wave (5) target area.
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