Hellena | GOLD (4H): SHORT to the 4000 support area.

GOLD continues to move lower. The previous target around 4162 has already been passed, but the current structure does not yet suggest that the decline is complete.
After reviewing the higher-degree count, I now consider this movement part of a large corrective combination labeled "W", "X", "Y". I will explain that broader structure on the daily chart in an upcoming analysis. For now, the focus remains on the familiar four-hour timeframe.
Intermediate wave "C" has extended and is developing a five-wave bearish sequence. Under the current count, the smaller waves "1", "2", "3", and "4" are complete, with the final wave "5" now underway. Its completion should also mark the end of the current wave "C".
My primary scenario favors further downside toward the 4000 support area. I consider this an important zone for assessing the response from buyers and looking for signs that the bearish sequence is ending.
A short-term rebound toward the 4184.73 resistance area remains possible. The descending trendline also runs near this zone. If the recovery remains corrective and a reliable bearish pattern appears, I will expect the decline to resume toward the main target.
Once price reaches 4000, my attention will shift to the potential development of a bullish move. However, it is too early to assign a wave label or estimate its scope. First, I need to see wave "5" complete and assess the reaction at support. A decisive break below this area could allow the decline to extend further.
The fundamental backdrop continues to pressure gold: a stronger dollar and rising US Treasury yields accompanied the recent decline. Markets are also assessing the possibility of further Federal Reserve rate increases. My immediate focus remains on the completion of the current bearish move.