5/7 Gold Morning Analysis

Yesterday, the gold price was pushed by external news. Short sellers covered, driving the price to test the key level at 4670. After pulling back near 4660, it surged strongly to around 4717, pressing toward the 4720 target. The pace of the bulls is consistent with expectations. The long-term logic of central banks buying gold continues to provide support, and combined with improving market sentiment, the overall consolidation remains biased to the upside.

Technically, the daily and 4-hour charts maintain a bullish pattern. The short-term moving averages are in a bullish alignment. 4715-4720 is a key resistance zone. On the hourly chart, bullish momentum continues, with support moving up to the 4685-4690 range, and there are no clear turning signals.

In terms of trading, consider building long positions in batches on pullbacks in the 4670-4685 range. The defense level is 4660. Targets are 4720-4730; if the level breaks, you may look up to 4750. Aggressive traders can go long directly at the current price with the same targets!
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