Gold is ending the trading week with a correction near the 4613 area. XAU/USD quotes continue to move within a bearish correction and form a “Wedge” reversal pattern. Moving averages indicate an upward trend in gold. Prices are again testing the area between the signal lines, indicating buying pressure and potential continued price growth. Currently, we expect an attempt at a bearish price correction and a test of the support level near the 4535 area. Subsequently, an upward rebound and continued growth in XAUUSD are expected this trading week, with a potential target above 5365.
GOLD Weekly Forecast XAU/USD May 4 – 8, 2026
An additional signal favoring a decline in gold quotes and prices this trading week (May 4-8, 2026) will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the Wedge reversal pattern. A price decline and a breakout of the 4065 area will cancel out the upward trend in XAU/USD quotes. This will indicate a breakout of the lower boundary of the bullish channel and a continued decline in gold prices with a target below 3865. A breakout of the resistance area and a close above 4965 will confirm the asset’s price growth, signaling a breakout of the upper boundary of the Wedge reversal pattern and the beginning of the pattern’s implementation with targets above.
GOLD Weekly Forecast XAU/USD May 4 – 8, 2026 suggests an attempt to develop a bearish correction and test the support level near 4535. Subsequently, gold prices will continue to rise with a target above 5365. A test of the trendline on the relative strength indicator (RSI) will support upward price movement. A decline and a breakout of 4065 would cancel out the gold rally. This would indicate a continued decline below 3865.
