Gold (XAUUSD) Looking to Extend Higher in an Elliott Wave Double Three Pattern Toward 4300

Elliott Wave view suggests Gold (XAUUSD) continues to favor a double three rally from the October 31, 2026 low. The overall structure remains incomplete. As a result, the metal should extend higher before the cycle finishes.

The advance from the October 31 low shows wave W ending at $4,147. Gold then corrected lower in wave X, which likely ended at $4,026.04. After finding buyers at that level, the metal resumed its upward trend. The technical outlook remains constructive as long as price stays above the November 6 low.

Despite the recent strength, Gold still needs to break above $4,147. A move above that level would create a five-swing sequence from the October low. Such a break would also strengthen the bullish outlook and confirm that the larger rally remains in progress.

In the near term, wave ((a)) of Y appears close to completion. Once this leg ends, Gold should pull back in wave ((b)). This correction should retrace part of the rally from the November 6 wave X low. However, the pullback is expected to remain corrective in nature. It should also provide support for another advance afterward.

Following the completion of wave ((b)), Gold is expected to resume higher in wave ((c)) of Y. This move should continue the larger double three structure. The next upside objective comes from the 100% to 161.8% Fibonacci extension of wave W. That target zone is located between $4,299 and $4,470.

Traders should monitor this area closely. Sellers may appear once price reaches the region. If that happens, Gold could produce at least a three-wave corrective pullback. Until then, the path of least resistance remains higher. The bullish view stays valid while price holds above the November 6 low.

Gold 60 Minute Elliott Wave Chart

XAUUSD Elliott Wave Video