May 1, 2026 Spot Gold Midday Analysis

During the May Day holiday, market trading was light, with spot gold fluctuating narrowly around $4,617, lacking momentum for a rebound.

The sharp rise in crude oil prices has intensified inflation concerns, and market expectations for the Federal Reserve to maintain high interest rates for the long term have increased. The dollar and U.S. Treasury yields have risen, directly suppressing gold prices from rebounding. Although global central banks have been buying gold to support the 4600 level, bullish rebounds remain significantly limited.

Gold prices are temporarily holding above the 4600 support level, with short-term fluctuations leaning weak. Key support levels are at 4600 and 4570, with resistance at 4640 and 4670. Overall, the day remains within a range-bound oscillation.

In terms of trading strategy, focus on shorting on rebounds and buying on dips, strictly controlling stop-losses, and avoid blindly chasing orders. It is recommended to rely on short-term support levels at 4600 and 4580 for stabilization before entering positions, with targets near 4640 and 4670, and to defend around 4670.

The above is only personal advice, for reference only, not investment advice. Please follow the layout of Cheng Jingsheng Shipan for specific guidance! $XAUUSD ‌#XAU