May 7, 2026 Spot Gold Morning Analysis

Yesterday, the spot gold market experienced extremely volatile movements, with an overall single-sided increase of over 170 points. During the U.S. session, volatility slowed down, and the trend became more stable, but the tug-of-war between bulls and bears remained intense.

This morning, gold prices hovered around 4700, maintaining a high-level oscillation. The short-term bullish trend requires further news-driven stimuli to initiate.

From a technical perspective, the 4-hour moving averages remain in a bullish alignment, and the RSI indicator is in the neutral zone, with bulls and bears temporarily in a tug-of-war.

Key resistance above gold prices is at 4720, with strong resistance at 4750; short-term support is at 4680, with strong support at 4660.

Overall, the morning gold price is likely to continue its high-level consolidation and oscillation. For trading, it is recommended to rely on the resistance levels at 4720 and 4750 to establish short positions, with targets sequentially at 4680 and 4650.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's layout at Shi Pan for specifics! $BTC $ETH $XAUT