The following content is for personal opinion only and does not constitute any investment advice

Gold XAU Market Analysis May 12, 2026

For XAU, the four-hour main trend remains biased toward a strong upward movement. The core reason is not a single technical signal, but the combined effect of “fundamental drivers + structural breakout + unresolved risk events.” After gold recently completed a confirmatory breakout from a descending channel, it is currently closer to the highs following bullish alignment of the short- to medium-term moving averages. This kind of pattern usually indicates that after the prior leg of accelerated rally, the price enters a digestion phase; the moving averages start to converge, but as long as the pullback does not break the key support, the trend is still controlled by the bulls.

Watch the support levels at 4715-4675 below. If the pullback does not break through them, there is still a basis to challenge 4790 / 4850.

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