Gold has not confirmed a new upward extension and stays near its latest recovery peak. The Elliott Wave count is unchanged, with a red wave 4 correction still projected toward the 38.2% Fibonacci retracement.
Gold has yet to show a meaningful structural change after the November 4 New York session forecast, which identified a potential fourth-wave correction following the third-wave advance. XAU/USD remains near its latest recovery peak without confirming a new upward extension.
The latest chart keeps red wave 3 at the previous recovery peak, while the projected path anticipates red wave 4 declining toward the 38.2% Fibonacci retracement. The analysis rests on the Elliott Wave count.
However, a subsequent upward extension remains possible to complete blue wave c within purple wave (iv). Neither projected movement has been confirmed by the current candles, according to the analysis.
The technical picture for November 5, 2026 sets two markers. The upside continuation marker sits at $4,051.78, and the sell confirmation marker sits at $3,895.52. The 38.2% Fibonacci retracement could precede the next advance.
Source: Investing.com
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