Technical Breakdown

• Elliott Wave Development: Following the completion of Wave (3) and the Wave (4) minor resistance pullback, price action is expanding downward to finish Wave (5).

• Primary Demand Support: The 4,240.00 – 4,260.00 zone represents major structural support where buyers may step in for a counter-trend move.

• Overhead Resistance: The immediate flipped resistance sits at 4,299.17, followed by the primary supply level at 4,373.83.

• Lower Structural Demand: Below 4,240, the next significant higher-timeframe support sits at 4,146.39.

Potential Trading Scenarios

1. Demand Zone Rebound (Bullish Path)

• Trigger: Strong reaction and bullish Market Structure Shift (MSS) inside the 4,240.00 – 4,260.00 region.

• Targets: 4,299.17 (Target 1) and 4,373.83 (Target 2).

2. Bearish Breakdown (Continuation Path)

• Trigger: Acceptance and sustained 1H candle close below 4,240.00.

• Target: 4,146.39 (Lower Liquidity / Demand Zone).

Conclusion Traders should closely watch price action as Gold enters the 4,240 – 4,260 area. Patience is required to confirm whether the demand zone holds for a relief move toward 4,299.17 or breaks down toward 4,146.39.

Disclaimer: This analysis is provided for educational and informational purposes only and does not constitute financial advice.