5.7 Gold Morning Analysis

In the morning, gold surged to 4724 and then pulled back slightly, but the low has never fallen below the key support level of 4687. Overall, it is still within an upward channel. Although the KDJ indicator has pulled back, it remains in the neutral zone and has not issued an overbought-to-top signal. The current pullback is a healthy consolidation within the uptrend, not a trend reversal.
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Fundamental drivers—risk aversion and inflation logic—are resonating. The foundation for gold to rise remains solid as global uncertainty continues to intensify and safe-haven funds keep flowing into gold assets. At the same time, the ongoing tug-of-war between sticky inflation and Fed rate-cut expectations continues to provide support for gold prices. As a core safe-haven asset, gold’s allocation value is increasingly coming into focus. The current sideways movement is merely the buildup before a breakout.
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The short-term support range of 4690-4695 has been repeatedly validated. As long as it is not effectively broken to the downside, the “dōu-tendency” (upward trend) will not change. The resistance at 4725 is only a phase-level pressure point. Once it breaks, gold will open up new upside room, and the main impulsive wave of this rally is still not over.

Trading Suggestions:
Gold in the 4650-4630 range, do “dōu” with targets at 4750-4760.
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