Key Points
- Gold's decline extended below the previously projected $3,891.62 downside reference.
- Blue Subminuette wave v may have completed purple Minuette wave (iii) at $3,870.18.
- Red waves 1 and 2 are labeled, with wave 3 projected toward $3,950 within blue wave a.
Gold Price
XAUUSD was quoted at $3,900.94 at 4:23 a.m. New York time. The hourly chart shows a daily high of $3,919.49 and a daily low of $3,873.01, distinct from the earlier wave low at $3,870.18.
XAUUSD Elliott Wave Analysis
Gold has moved beyond the downside reference outlined in the October 30 New York session analysis, marking a significant development in the bearish sequence.
The updated Elliott Wave count places blue wave v and purple wave (iii) at $3,870.18, suggesting the latest impulsive decline may have concluded. Attention now shifts to the developing corrective recovery within blue wave a.
With red circled waves 1 and 2 already labeled, the projected third wave points toward $3,950. However, this recovery remains part of a corrective scenario rather than confirmation of a broader bullish reversal.
Technical Analysis for November 2, 2026
- Trend: Bearish structure; potential corrective recovery.
- Current Elliott Wave: Blue a developing after the provisional completion of purple (iii).
- Next Price Target: $3,950, projected red wave 3.
Trader's Question: What would weaken the projected recovery?
A renewed decline below $3,870.18 would challenge the proposed completion of wave (iii), although the chart does not formally designate that level as an invalidation threshold.