Elliott Wave Analysis XAUUSD – November 6, 2026GoldOANDA:XAUUSDWavePoint_FX A Strong Rally, but Is It Enough to Confirm a New Bullish Trend? Daily Timeframe (D1) Since the beginning of this week, we have witnessed a strong bullish move, with price breaking above the previous short-term high. This is an encouraging initial signal, suggesting the possibility of a new bullish trend developing. However, yesterday's daily candle failed to close above the previous high and formed an upper wick, indicating selling pressure at higher price levels. At the same time, D1 momentum has moved into the overbought zone. Therefore, if today's daily candle closes bearish and remains below the previous high, we still will not have sufficient confirmation to support the formation of a new bullish trend. What we need now is a decisive daily close well above the previous high at 4080, creating sufficient distance from this level. If this happens, when D1 momentum eventually reverses downward and returns to the oversold zone, price will have a better chance of forming a higher low rather than breaking below the previous low. This would provide important confirmation for the formation of Waves 1 and 2 of a potential new bullish trend. For now, we need to continue monitoring price action for additional confirmation. I expect the bullish move to continue today. Ideally, price should approach the 4220 area, creating a stronger foundation for a more sustainable bullish trend in the coming sessions. H4 Timeframe H4 momentum is preparing to reverse upward, suggesting that we could see a bullish move lasting approximately 3–5 H4 candles. To better understand the wave structure and identify potential trading opportunities, let's move down to the H1 timeframe. H1 Timeframe Price has reacted very well to the support zones below and is now approaching the 0.382 Fibonacci retracement level of Wave 3, as labeled on the chart. According to the current Elliott Wave structure, Wave 4 is expected to complete around the 0.382 Fibonacci retracement level, followed by another bullish move to complete Wave 5 near the 4200 price area. Looking more closely, Wave 4 is developing as an ABC corrective structure. Interestingly, the current price area also aligns with the Fibonacci equality target where Wave C = Wave A, providing additional confluence for a potential Wave 4 completion. The invalidation level for this five-wave bullish structure is 3972, where price would enter the territory of Wave 1. Furthermore, price is currently trading just above a bullish Order Block (OB), making the 4051 area an attractive zone to look for potential BUY opportunities, with the expectation that price will continue higher according to the projected wave structure. Potential Trading Plan: BUY Zone: 4051 Stop Loss: 4030 – the lower boundary of the bullish Order Block. Maximum Take Profit: 4200 – the projected completion area of Wave 5. In summary, the preferred H1 scenario is for Wave 4 to complete around the current support area, followed by a bullish continuation toward 4200 to complete Wave 5. That concludes today's market analysis. Your support is a great source of motivation for me! If you find this analysis helpful, don't forget to leave a like 🚀 and share your thoughts in the comments. WavePoint FX | Elliott Wave Analysis