May 8, 2026 Spot Gold Evening Analysis

This morning, Lao Cheng's bullish strategy was fulfilled as expected. The trading during the day was highly volatile, with frequent tug-of-war between bulls and bears. Overall, the price remained above the 4700 support level, repeatedly contesting the range between 4700 support and 4730 resistance.

Tonight, key non-farm payroll data and unemployment rate will be released. The upcoming non-farm data is expected to drop significantly compared to the previous value, which will have a strong impact on gold prices. The market is likely to experience intense fluctuations. It is recommended to stay out of the market before and after the data release, observe patiently, and wait for the data to settle before taking positions. Do not blindly place contrarian trades; wait for the data to guide the direction.

From the 4-hour and weekly chart patterns, the market maintains an upward channel. The MACD green bars continue to shrink, and the RSI indicator has already formed a golden cross, increasing the probability of a rebound and correction tonight. Short-term key support is at 4700, with strong support at 4670; short-term resistance is at 4730, with a strong resistance at 4760.

In terms of trading, you can rely on the two major supports at 4700 and 4670 to gradually build long positions. The short-term targets are first at 4730 and 4760. If a strong breakout occurs, the target can be extended to the 4800 high point.

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