Key Points
- Gold surpassed the earlier recovery target, reaching an intraday high of $3,966.34.
- The developing Elliott Wave structure continues to support a corrective rebound.
- Further upside remains projected, although red wave 3 has not been confirmed complete.
Gold Price
XAUUSD was quoted at $3,956.93 at 10:24 a.m. New York time. The hourly chart records a daily opening price and low of $3,873.01, producing a displayed trading range of $93.33.
XAUUSD Elliott Wave Analysis
Gold has exceeded the recovery objective established in the earlier November 2 XAUUSD forecast, providing observable confirmation of the anticipated upward price movement.
The advance follows the provisional completion of blue Subminuette wave v within purple Minuette wave (iii) at $3,870.18. The latest structure continues to favor the development of blue wave a.
Importantly, the projected red wave 3 remains positioned ahead of the latest candles. The blue path anticipates further fluctuations before another upward extension, rather than an uninterrupted rally.
Technical Analysis for November 2, 2026
- Trend: Corrective recovery within a broader bearish structure.
- Wave Structure: Blue wave a developing; red wave 3 projected.
- Upside Marker: $3,965.93, already exceeded intraday.
- Next Move: Additional corrective swings followed by potential upside.
Trader's Question: Has reaching the recovery target completed wave 3?
Not necessarily. A price objective can be reached before its associated wave structure finishes. The projected turns still require confirmation from subsequent candles.