XAU/USD prices continue to move as part of a correction and the formation of a “Wedge” reversal pattern. At the time of publication of this forecast, the price of gold today is $4,666 per troy ounce. Moving averages indicate a short-term bullish trend. Prices are again testing the area between the signal lines, indicating pressure from asset buyers and potential continued growth from current levels. At this point, we should expect an attempt at a bearish correction in the gold price and a test of the support level near 4625. From there, we should expect an upward rebound and continued growth in the gold price, with a potential target above 4825.
GOLD Forecast and XAU/USD Analysis for May 12, 2026
An additional signal favoring growth in XAU/USD quotes will be a test of the bullish trendline on the relative strength indicator (RSI). A second signal will be a rebound from the lower boundary of the Wedge reversal pattern. A decline in gold prices and a breakout of 4565 would cancel out the upward trend in gold on May 12, 2026. This would indicate a breakout of the support area and a continued decline in the asset’s price below 4025. We should expect an acceleration in XAU/USD price growth with a breakout of the resistance area and a price close above 4705, which would indicate a breakout of the upper boundary of the Wedge reversal pattern and the beginning of the pattern’s implementation with targets above.
GOLD Forecast and XAU/USD Analysis for May 12, 2026 suggests an attempt to develop a bearish price correction and test the support area near 4625. Subsequently, base metal prices are expected to continue rising with a target above 4825. A decline in the asset’s market value and a breakout of 4565 would cancel out the upward trend in gold prices. This would indicate a continued decline in gold prices with a potential target below 4025.
