📊 Market Overview

Gold (XAUUSD) is currently following a clean bearish Elliott Wave structure. The pattern from Wave (1) to Wave (4) looks quite clear. Now the price is being rejected from below the resistance zone of Wave (4), which is a strong indication that the market could continue downwards. If this structure remains maintained, the next move could be a sharp drop in the form of Wave (5).

📍 Important Levels

🔴 Resistance: 4600 – 4650

🟢 Support: 4400

📉 Extended Targets: 4350 – 4300

🎯 Trade Plan

✅ Primary Setup (Pullback Sell)

Entry: 4580 – 4630 zone

Confirmation: Bearish rejection or engulfing candle

Stop Loss: Above 4660

Targets:

TP1: 4450

TP2: 4400

TP3: 4350

Final TP: 4300

⚡ Alternative Setup (Breakout Sell)

Entry: After a strong close below 4470

It is best to wait for a retest

Stop Loss: Above the breakout level

⚠️ Invalidation

If the price strongly sustains above 4650, this entire bearish setup will invalidate and the market could shift to the bullish side.