XAU/USD quotes continue to move within a developing bullish correction and descending channel. At the time of this forecast, the price of gold today is $4,727 per troy ounce. Moving averages indicate a short-term bearish trend. Prices have broken above the area between the signal lines, indicating upward pressure from asset buyers and potential continued growth from current levels. Currently, we expect an attempt at a bullish correction in gold prices and a test of the resistance level near 4,865. From there, we expect a downward rebound and continued decline in gold prices, with a potential target below 4,275.
GOLD Forecast and XAU/USD Analysis for May 8, 2026
An additional signal favoring a decline in XAU/USD quotes will be a test of the bearish trend line on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the descending channel. A strong rally and a breakout of 4995 would cancel out the gold price decline on May 8, 2026. This would indicate a breakout of the resistance area and continued growth above 5185. Expect the XAU/USD price decline to accelerate with a breakout of the support area and a price close below 4495, which would indicate a breakout of the lower boundary of the bullish channel.
GOLD Forecast and XAU/USD Analysis for May 8, 2026 suggests an attempt at a bearish price correction and a test of the resistance area near 4865. Subsequently, a continued decline in base metal prices with a target below 4275 is expected. A strong rally in the market and a breakout of 4995 would cancel out the gold price decline scenario. This would indicate a continued rise in gold prices with a potential target above 5185.
