2026.10.30 2026.10.30
XAU/USD: Elliott Wave Analysis and Forecast for 30.10.26–06.11.26

Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/

Major Takeaways

• Main scenario: Once the correction has been completed, consider short positions below the level of 4,420.00 with a target of 3,593.00–3,127.70. A sell signal: the local correction ends and the price holds below 4,420.00. Stop Loss: above 4,490.00, Take Profit: 3,593.00–3,127.70.
• Alternative scenario: Breakout and consolidation above the level of 4,420.00 will allow the asset to continue rising to the levels of 4,708.00–4,900.00. A buy signal: the level of 4,420.00 is broken to the upside. Stop Loss: below 4,350.00, Take Profit: 4,708.00–4,900.00.

Main Scenario

Consider short positions below 4,420.00 with a target of 3,593.00–3,127.70 once the correction is completed.

Alternative Scenario

Breakout and consolidation above the level of 4,420.00 will allow the price to continue rising to the levels of 4,708.00–4,900.00.

Analysis

An ascending third wave of larger degree (3) has likely formed on the weekly chart, and a bearish correction is developing as the fourth wave (4). On the daily time frame, wave A of (4) has apparently formed, and a correction has been completed as wave B of (4). On the H4 time frame, wave C of (4) is developing, with the first wave of smaller degree i of C nearing completion as its part. If the presumption is correct, XAU/USD will resume declining to 3,593.00–3,127.70 once the local correction has been completed as the second wave ii of C. The level of 4,420.00 is critical in this scenario as a breakout above it will enable the asset to continue rising to the levels of 4,708.00–4,900.00.

This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.

Price chart of XAUUSD in real time mode