Gold Elliott Wave Map: Is Wave Z the Last Leg?
Our Elliott Wave reading of the daily gold chart, drawn label by label on real COMEX data: the impulse to the January 2026 record, the complex correction since, and the two measurements that point to the same zone for wave Z.
Key points
Impulse: 14 Nov 2024 low $2,541.5 to the 29 Jan 2026 record $5,586.2, in five waves (wave 3 not the shortest, wave 4 above wave 1).
Correction so far: W to $4,100 (23 Mar), X to $4,917.7 (17 Apr), Y to $3,955.4 (30 Jun), X to $4,755 (25 Aug), Z under way ($3,879.3 on 30 Oct).
Z equal to Y projects about $3,793; the lower channel line (W and Y lows) sits near $3,773 in early November.
A daily close above the upper channel line, about $4,670, would argue the correction is over.
Elliott Wave is a map of possibilities, not a forecast. Counts change as price moves.
Chart data: COMEX gold futures daily OHLC, Sep 2024 - 30 Oct 2026. Education only, not a signal.
Read more: Elliott Wave on Gold (XAUUSD): Rules, Patterns, Fibonacci and Invalidation-Based Trading · Gold forecast
Transcript
Gold is down thirty percent. Elliott Wave says one last leg is still running.
On the daily chart, gold finished a clean five-wave rally: from $2,541 to a record $5,586.
Then the correction. Wave W: down twenty-seven percent into March.
Wave X: a bounce that stalled below $4,920. Wave Y: a new low at $3,955. A second X to $4,755. And now, wave Z.
Z is usually the final leg. So where does it end? Two measurements meet. Z equal to Y: about $3,790. The channel floor: about $3,775.
The line that changes the picture: a daily close above $4,670.
$3,790 first, or is the bottom in? Comment below.
