Gold (XAUUSD) Eyes Fresh Highs On Renewed Bullish Momentum

Market Analysis – May 8

Gold (XAUUSD) eyes fresh highs amid renewed bullish momentum. Technical indicators currently support a bullish outlook for XAUUSD. The 9-day Simple Moving Average (SMA) is trending upward and positioned near $3,320, reinforcing its role as short-term dynamic support. The MACD (Moving Average Convergence Divergence) reflects ongoing bullish strength despite recent consolidation, with its line at approximately 72 and the signal line at 69. Although the histogram has slightly dipped into negative territory, the overall trend structure remains intact, indicating strong underlying momentum.

Gold Key Levels

Resistance Levels: $3400, $3500, $3600
Support Levels: $3300, $3200, $3100

Gold Long-Term Trend: Bullish

Analyzing recent price action, XAUUSD recently dipped below a key swing low near $3,260 before rebounding sharply, suggesting a strategic liquidity sweep followed by a bullish response. This movement coincides with a break of structure (BOS) around $3,200, turning a former resistance zone into a new support base. A bullish engulfing candle appeared after this sweep, signaling the re-entry of aggressive buyers. Price is currently trading near $3,380, establishing a new higher high and sustaining the upward structure that began in late Q1 2025.

Looking ahead, the bullish outlook for XAUUSD suggests a continuation toward $3,500, with potential to reach $3,600 if momentum above $3,380 is maintained. The price structure exhibits a typical accumulation-to-expansion phase, with the $3,300 region serving as a strong demand zone. Should buying pressure persist, a breakout above $3,500 could follow, possibly extending to the $3,600 level in the medium term, supported by favorable macroeconomic factors, technical momentum, and targeted forex signals.

Gold Short-Term Trend: Bullish

XAUUSD continues to trade within a bullish structure, with price respecting the 0.5 and 0.618 Fibonacci retracement zones near $3,230 and $3,160, respectively. The MACD indicates a mild bullish crossover, hinting at gradually strengthening momentum.
Price is anticipated to retrace toward the $3,300 support level before resuming its upward path. If this support holds, buyers may push the price toward $3,500 and potentially $3,600 in upcoming sessions.

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