Daily Price Action: Gold is trading at $3,988.67, down approximately 0.31% from its daily opening price of $4,021.33. The metal has recorded an intraday high of $4,026.50 and a low of $3,979.33, producing a trading range of $47.17. The current price remains close to the session low, reflecting sustained downward pressure.
XAUUSD Elliott Wave Analysis: Gold's latest hourly structure shows a decisive retreat from the high labeled blue iv, red Y, and green (C), shifting attention toward the developing red wave 3 decline. The chart places red wave 1 at the initial selloff low and red wave 2 at the subsequent rebound high, after which prices resumed falling and reached the $3,979.33 downside reference. This move also carried gold below the previously marked $3,989.04 target, reinforcing the bearish progression of the drawn sequence. Although the blue projection anticipates a temporary recovery toward the $4,010 area, the expected rebound remains corrective within the current bearish scenario. A renewed decline would then be consistent with the projected continuation of red wave 3 toward levels below $3,979.33. The scenario's marked invalidation level is $4,068.99. Until the projected rebound and subsequent decline develop, the chart does not establish a completed wave 3 or a precise new downside target.
Technical Summary of Gold Price for October 30, 2026
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Trend: Bearish.
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Current Elliott Wave: Red waves 1 and 2 labeled; red wave 3 developing.
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Key Support Levels: $3,989.04 (previous target, breached); $3,979.33 (intraday low and downside reference).
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Key Resistance Levels: Approximately $4,010 (projected rebound area); $4,068.99 (scenario invalidation).
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Next Price Target: Further downside below $3,979.33 following a projected rebound; no exact additional target shown.
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Invalidation Level: $4,068.99.
Trader's Question: Can gold rebound before its bearish Elliott Wave sequence continues?
The hourly projection allows for a corrective rebound toward approximately $4,010 before another decline. The bearish scenario remains conditional on the marked $4,068.99 invalidation level.