Key Points
- Gold's recovery has developed four green Elliott Wave subdivisions.
- The session high reached $4,134.10, above the previous upside reference.
- A final upward extension remains projected before a potential reversal.
Gold Price: XAUUSD traded at $4,110.17 at 6:46 a.m. New York time. The hourly chart records a daily high of $4,134.10 and low of $4,054.41, against an opening price of $4,065.35.
XAUUSD Elliott Wave Analysis
Gold's recovery has progressed beyond the stage outlined in the November 6 London session forecast, which identified a potential fourth-wave completion before renewed upside.
The updated count now labels green waves (1) through (4) within the developing red wave 5, providing additional structural evidence of the anticipated advance.
The blue projection favors another rise through green wave (5), potentially completing red wave 5 and blue wave c before a downward correction.
Although the session exceeded the former $4,128.21 continuation reference, sustained strength beyond the updated $4,134.10 marker remains unconfirmed.
Technical Analysis for November 9, 2026
- Structure: Green (4) provisionally complete.
- Next Wave: Green (5), upward projection.
- Upside Continuation: $4,134.10.
- Invalidation: $4,028.67.
Trader's Question: Does the latest advance confirm blue wave c has ended?
No. The current count still projects another fifth-wave extension. Confirmation of completion requires subsequent price action supporting a reversal.