Hellena | GOLD (4H): SHORT toward the 4162.72 support area.

The previous bullish GOLD scenario targeting the 4600 area was not confirmed. The recovery stalled at 4510.18 before the price resumed its decline. The current structure calls for a reassessment of the idea that higher-degree bullish wave "1" remains incomplete.
My main interpretation now is that higher-degree wave "1" completed at the 4696.02 high. I view the subsequent movement as corrective wave "2", unfolding through an intermediate "A-B-C" structure.
Wave "A" completed at 4281.65, while the recovery to 4510.18 formed wave "B". According to this count, bearish wave "C" is now developing.
A local recovery toward the 4384.56 resistance area remains possible before the decline continues. However, the price could resume moving lower without revisiting that zone.
My nearest target is the 4162.72 support area. It is close to the lower-degree wave "1" high at 4168.50. The intermediate wave "1" high at 4205.59 sits slightly higher and is another level to watch for a reaction during the decline.
I consider equality between waves "C" and "A" an additional reference rather than a requirement. That projection points to a deeper correction, but I prefer to focus on the nearer 4162.72 target for now. Reaching this area would not, by itself, confirm that the entire wave "2" is complete.
A move above the wave "B" high at 4510.18 would require a reassessment of the current wave "C" interpretation. I will look for short opportunities when reliable bearish patterns appear.
The fundamental backdrop remains mixed. Gold is recovering ahead of the Federal Reserve’s decision, while expectations of a rate hike persist. Hawkish guidance could add pressure on the metal, whereas softer comments could support a rebound.
Manage your capital properly and wisely! Enter trades only based on reliable patterns!