Gold Back at Heavy Support — Will It Hold This Time?

May 15

Gold(XAUUSD), as I expected in the previous idea, began its decline and reached all of its targets (full target down).

Currently, Gold is once again moving within a heavy support zone($4,551-$4,234) and is near another support zone($4,513-$4,475).

From an Elliott Wave perspective, we can anticipate gold continuing its downward waves.

Since the DXY index(DXY) is on an uptrend and the U.S. 10-Year Government Bond Yield(US10) is also continuing its bullish movement, these rising factors could contribute to further gold price declines.

I expect gold to decline at least down to $4,486 by the close of the financial markets, and if the support zone($4,513-$4,475) breaks, we could see further declines toward $4,416.

First Target: $4,486

Second Target: $4,416

Stop Loss(SL): $4,625(Worst)

Points may shift as the market evolves.

What’s your view on gold? Can gold remain above $4,000 or should we anticipate further declines in the coming weeks?

If you’d like a broader view of gold on a higher time frame, I recommend checking out the idea below:

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌 Gold Analyze (XAUUSD), 4-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

🔥 If you find it helpful, please BOOST this post and share it with your friends.

May 16

Trade active

May 19

Trade closed: target reached

First Target Done($4,486)

Thank you for your patience