XAU/USD: Elliott Wave Analysis and Forecast for 09.10.26–16.10.26

Major Takeaways Main scenario: Consider long positions from corrections above 3,958.05 with a target of 4,900.00–5,610.00. A buy signal: the correction ends, and the price holds above 3,958.05. Stop Loss: below 3,890.00, Take Profit: 4,900.00–5,610.00. Alternative scenario: Breakout and consolidation below 3,958.05 will allow the asset to continue declining to the levels of 3,720.00–3,290.62. A sell signal: the level of 3,958.05 is broken to the downside. Stop Loss: above 4,025