May 8, 2026 Spot Gold Morning Analysis

Good morning everyone! After a rally to high levels today, gold has pulled back and is maintaining a slightly weak oscillation in the morning.

The 4-hour and weekly charts remain in a bearish arrangement, but the RSI indicator is oversold, indicating a short-term rebound correction is needed. Support below is at 4670, strong support at 4650, with short-term resistance moving down to 4710 and 4740.

The focus of the news is on tonight's non-farm payroll data, with market expectations that employment figures will be significantly lower than the previous value. Gold prices may have potential bullish factors, and the market will mainly fluctuate within a range before the data release.

Morning trading should follow a oscillation strategy, relying on support levels at 4670 and 4650 to gradually build long positions, targeting 4710 and 4730. Before the non-farm data, adopt a cautious approach and avoid blindly chasing orders.

The above is only personal advice, for reference only, and does not constitute investment advice. Please follow Cheng Jingsheng's layout for specific strategies! $XAUUSD ‌#XAU