#XAUUSD Gold before May Day at 4550 openly entered the spot market, currently reaching around 4750, with short-term risk of a pullback, but the long-term outlook remains bullish. Conservative traders should patiently wait for a pullback to buy low, and hold the spot for medium to long-term gains. In the long run, the rapid appreciation of the Renminbi usually accompanies a pullback in the US dollar index, which will immediately support gold. Historically, when the Renminbi has strengthened periodically, gold has often risen in tandem. China is the world's largest physical gold consumer and the main buyer of gold by central banks. An appreciation of the Renminbi will reduce the USD cost for China to import gold, stimulating demand from companies and individuals, further pushing up global gold prices. A stronger Renminbi helps stabilize and elevate gold prices denominated in RMB, reinforcing gold's role as a credit backing for the Renminbi, supporting the Hong Kong Stock Exchange gold futures ecosystem and the internationalization of the Renminbi. The combination of Renminbi appreciation and increased gold demand will accelerate the gold bull market.