May 7 Gold Morning Analysis

As tensions between the US and Iran gradually ease, market risk-aversion sentiment accordingly cools off; however, the US dollar continues to weaken, along with soaring expectations that the Federal Reserve will cut interest rates. With central banks around the world continuing to add to their gold holdings, the long-term bullish logic remains firmly in place, providing gold prices with a solid and strong support base.

The four-hour price action has formed a standard upward-wave pattern, with higher highs and higher lows being established one after another—making the uptrend clearly visible. The current high-level range consolidation is only an accumulation and consolidation in the middle of the rally; it is by no means a top or a confirmed peak, and the overall strong market structure remains unchanged.

All moving averages across multiple timeframes are in a bullish arrangement. Support below is steadily moving higher, and every pullback is an excellent opportunity to go long in line with the trend.

Trading reference:
Build long positions in batches as price pulls back into the 4680–4650 range. For the short term, first look for a breakout and continuation above 4750; for the medium term, directly target the 4850 level.
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