Gold Morning Analysis for 5/7

Yesterday, gold prices were driven by external news, with short covering pushing the price to test the key level of 4670, pulling back to around 4660 before strongly rising to the 4717 level, approaching the 4720 target, with the bullish momentum in line with expectations. The long-term central bank gold purchase logic continues to support, combined with market sentiment warming, overall volatility remains biased to the strong side.
On the technical side, the daily and 4-hour charts maintain a bullish pattern, with short-term moving averages arranged in a bullish order, and 4715-4720 as a key resistance; the hourly bullish momentum continues, supporting the upward move to the 4685-4690 range, with no obvious reversal signals.
In terms of operations, consider buying in batches on dips to the 4670-4685 range, with a stop at 4660, targeting 4720-4730, and a break below could target 4750. Aggressive traders can buy at the current price with the same targets!