May 7 Gold Morning Review



Overnight, gold rebounded strongly, held steady and consolidated around the 4690 level before pushing higher. The high reached 4721, with a single-day gain of over 2%, showing strong bullish momentum.

Affected by weaker U.S. economic data, expectations for a Federal Reserve rate cut have heated up. With the U.S. dollar weakening, combined with geopolitical risk aversion adding support, gold leveraged the rebound to rise.

Short-term resistance is 4730-4750 above; if the price breaks upward, look toward 4800. Key support is 4660-4690 below; if it is lost, price may slip back into consolidation/ranging.

For trading: buy on dips around 4660-4670 after it stabilizes, with a stop loss below 4640. Targets first look to 4730; if price breaks through, then look toward 4750-4800.#黄金
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SetSail
· 4h ago
Hop on now!🚗
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