Gold (XAUUSD) Elliott Wave Outlook: Eyeing 5610 Retest

Published On: February 11, 2026

Gold reached a historic milestone on January 29, 2026, when it climbed to an all-time high of $5,610.8. According to Elliott Wave analysis, this level marked the completion of wave I in a larger bullish cycle that began in September 2022. After such a strong upward move, it is common for markets to enter a corrective phase. Gold is now moving through wave II, which represents a broader pullback within the long-term trend.

Structure of the Current Correction

The correction unfolding in gold is taking the shape of a complex double three pattern under Elliott Wave Theory. This type of structure reflects a sideways and overlapping price movement rather than a sharp and simple decline. From the wave I peak, the first leg of the correction, labeled wave (W), ended near $4,941.61. The market then bounced in wave (X) to approximately $5,145.73 before declining again in wave (Y) to around $4,402.06. This completed a higher-degree wave known as wave ((W)).

Following that decline, gold began another rally, which forms wave ((X)). This rally is also developing as a double three structure. Within this advance, wave (W) reached about $5,091.4. A pullback in wave (X) followed, dropping to roughly $4,654.35. From that low, the market is now advancing in wave (Y), which appears to be forming a zigzag pattern.

Short-Term Outlook and Key Level

In the current upward move, wave A has already climbed to about $5,086.53. A short-term pullback in wave B is expected before another push higher in wave C. If wave C continues strongly, gold could retest the previous all-time high near $5,610.82. This level is important because it acts as a key pivot point. As long as price remains below that high, there is still a possibility that gold could turn lower again in a larger wave ((Y)) correction.

Conclusion

Gold remains in a corrective phase after completing a major bullish wave. While further upside is possible in the short term, the $5,610.82 level serves as a critical reference for traders evaluating the next move.

Disclaimer: This article is for educational and informational purposes only and does not constitute financial or investment advice. Trading gold and other financial instruments involves risk. Always conduct independent research or consult a licensed financial professional before making trading decisions.