XAUUSD: Bearish intraday, waiting to sell retest.

Jun 3

Gold is moving inside a short-term descending channel, and the current intraday structure still favors sellers. From Kelly’s view, the market is not in a clean buying setup here. The better structure is to wait for price to react from strong support first, then watch whether the rebound fades around the selling liquidity zone.

The main idea is simple: gold remains bearish intraday, but the cleaner selling setup may come after a corrective bounce.

⟡ Market structure

Price has been rejected from the upper resistance area and is now trading below the descending channel line. The latest decline has already reached the strong support area near 4,450–4,460, where a short-term reaction is possible.

However, this support reaction does not automatically change the trend. If gold rebounds from this area, the first important zone to watch is the 4,460–4,470 selling zone. That is where a rejection candle could confirm that sellers are still defending the structure.

➤ Key levels

◌ 4,460–4,470: selling zone and liquidity retest area
◌ 4,450–4,455: current support reaction area
◌ 4,399: buying liquidity zone and next downside reference
◌ 4,345–4,355: deeper target zone if wave 5 expands
◌ Above 4,470: area where the intraday bearish setup weakens

⌁ Elliott Wave view

From an Elliott Wave perspective, gold appears to be developing a bearish 5-wave sequence inside the descending channel.

The current movement may be forming wave 3 into the lower liquidity area, followed by a possible wave 4 rebound towards the selling zone. If price rejects from 4,460–4,470, wave 5 could begin from there and extend towards the deeper target zone.

This is why Kelly would not chase the current low. A cleaner bearish structure would be a rebound into resistance, followed by rejection confirmation.

▸ Trading scenario

Preferred scenario: wait for price to rebound into the 4,460–4,470 selling zone and watch for a rejection candle.

Entry zone: 4,460–4,470 if bearish confirmation appears
Stop loss: above 4,475
Take profit 1: 4,399
Take profit 2: 4,360
Take profit 3: 4,345–4,355

If gold breaks above 4,470 and holds above the channel resistance, the bearish wave count would lose quality and the setup may need to be reassessed.

⌁ Kelly’s view

For Kelly, this is a sell-the-rebound structure, not a chase-the-breakdown setup. The trend is still bearish, but price is reacting near support, so patience matters.

If gold bounces into the selling liquidity zone and prints rejection, that would give the next bearish wave a cleaner base.

Gold is still under pressure.
The better sell may come after the retest, not at the low.

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Jun 3

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