XAU/USD: Elliott Wave Analysis and Forecast for 16.10.26–23.10.26

Major Takeaways Main scenario: Consider long positions from corrections above 4,060.30 with a target of 4,900.00–5,610.00. A buy signal: the price holds above 4,060.30. Stop Loss: below 3,990.00, Take Profit: 4,900.00–5,610.00. Alternative scenario: Breakout and consolidation below 4,060.30 will allow the asset to continue declining to the levels of 3,720.00–3,290.62. A sell signal: the level of 4,060.30 is broken to the downside. Stop Loss: above 4,130.00, Take Profit: 3,720.0