Automatic wave scan: as of 4 Nov 2026, the automatic daily count for Gold is Wave 5 down with a bearish bias. The count stays valid while price holds 4,559.
Current Gold wave count
Automatic wave scan Updated daily from the latest daily close (4 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 5, the final leg of a five wave decline that began at 4,216 on 6 Jul 2026. Next levels to watch are 3,864 and 3,396. The count fails on a daily close above 4,559.
Key levels
| Type | Levels |
|---|---|
| Resistance | 4 · 559 · 4 · 329 |
| Support | 3 · 963 · 3 · 955 |
| Invalidation | 4,559 |
What is Gold?
Gold is priced in US dollars per troy ounce, a unit equal to about 31.1 grams. It trades around the clock in London, New York and Asia, both as physical metal and as futures on the COMEX exchange in New York.
Central banks have been large buyers in recent years. The World Gold Council reported that central banks bought more than 1,000 tonnes a year in 2022, 2023 and 2024, the strongest run on record. Gold reached a series of all-time highs in 2024 and 2025.
What moves the Gold price?
- Real interest rates: Gold pays no interest, so it usually does better when inflation adjusted yields fall.
- US dollar: A weaker dollar tends to lift gold, since it is priced in dollars.
- Central bank buying: Steady official purchases add demand that does not depend on price.
- Geopolitical risk: Wars and financial stress bring safe haven buying.
- ETF flows: Gold exchange traded funds can add or remove large amounts of demand quickly.
How Gold moves in Elliott Wave terms
Gold tends to trend for years, with five-wave advances that can be separated by long, complex corrections. The 2011 to 2015 decline and the 2020 to 2022 sideways phase are good examples of corrective structure.
Gold often respects Fibonacci extensions well. In strong bull phases, wave 3 can reach the 1.618 or 2.618 extension of wave 1.
Tips for counting Gold waves
Watch US 10-year real yields and the DXY. Use the weekly chart to place the current wave in the larger cycle.
Gold key facts
Gold Elliott Wave FAQ
Why do central banks buy gold?
To diversify their reserves away from the US dollar and other currencies. Gold has no default risk and cannot be printed.
Does gold rise when interest rates fall?
Often yes. Lower real interest rates reduce the cost of holding gold, which pays no interest.
What is a troy ounce?
A unit used for precious metals, equal to about 31.1 grams, slightly heavier than a standard ounce.
Sources and further reading
- Gold demand trends (World Gold Council)
- Gold futures contract specs (CME Group)
- Gold as an investment (Wikipedia)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
