May 8 Gold Morning Analysis

The conflict between the Middle East and the Iran-U.S. side triggered a burst of safe-haven sentiment, but gold surged and then retreated due to oil prices driving inflation and delaying expectations for Federal Reserve rate cuts; the Russia–Ukraine Victory Day ceasefire further cooled risk sentiment, and the U.S. dollar’s slight rebound also temporarily weighed on gold prices. However, global central banks’ continued gold purchases and the de-dollarization trend firmly support the gold price at its bottom.

Technically, on the daily chart, price rose and closed high with a long upper shadow; bullish momentum is weakening and the market is entering a pullback-and-repair phase. The 20-day moving average is still holding the medium-term bullish trend. On the 4-hour chart, price has formed a converging triangle range. The MACD has formed a bearish crossover at high levels, and the KDJ is approaching oversold, indicating a short-term rebound is needed. Support around 4680 is strong, and buy orders are active at lower levels.

Trading suggestion: When prices pull back to 4685–4679, consider buying in batches at low positions. Targets are 4715–4725, with a further outlook to 4780. In the evening, watch U.S. inflation data and remarks from the Federal Reserve. In a ranging market, control the pace of the strategy; as long as key support is not broken, maintain a low-buying mindset.

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