Key Points
- Gold remains near its latest recovery peak without confirming a new upward extension.
- The Elliott Wave count is unchanged, with red wave 4 still projected.
- A 38.2% Fibonacci retracement could precede the next advance.
Gold Price: XAUUSD was quoted at $4,037.29 at 2:27 a.m. New York time.
XAUUSD Elliott Wave Analysis
Gold has yet to establish a meaningful structural change following the November 4 New York session forecast, which identified a potential fourth-wave correction after the third-wave advance.
The latest chart retains red wave 3 at the previous recovery peak, while the projected path anticipates red wave 4 declining toward the 38.2% Fibonacci retracement.
A subsequent upward extension remains possible to complete blue wave c within purple wave (iv). However, neither projected movement has been confirmed by the current candles.
Technical Analysis for November 5, 2026
- Wave Structure: Red 3 labeled; red 4 projected.
- Fibonacci: 38.2% retracement anticipated.
- Upside Continuation Marker: $4,051.78.
- Sell Confirmation Marker: $3,895.52.
Trader's Question: Is the projected 38.2% retracement a confirmed support level?
No. It represents a potential corrective destination, not an analyst-designated support zone. Further price action is needed to validate a fourth-wave completion.