Saturday (May 9) — As major global gold markets are closed for the weekend, the following analysis is based on the closing data from the previous trading week.

**Core price levels:** Gold is currently trading in a high-level area above **$4,700 per ounce**, staying within the short-term core range of **$4,680–$4,765**. The key support below is at **$4,670**; if it holds, the upward trend remains intact. The short-term resistance above is at **$4,750**; after a breakout, it may test the previous high of **$4,765** and the **$4,800** level.

**Bull and bear drivers:** Geopolitically, the US and Iran have issued different statements regarding the ceasefire framework, and risk-averse sentiment provides gold with phased downside support. On the monetary policy side, ongoing market expectations for the Federal Reserve to cut rates continue to provide upward momentum for gold. However, last Friday’s April non-farm employment data (**115,000**) came in above expectations, which to a certain extent reduces the urgency of the Fed’s emergency easing. In terms of long-term support, China’s central bank has increased its gold holdings for the **18th consecutive month**, becoming a key cornerstone for bullish confidence.

In overall terms, the gold market’s generally bullish pattern remains unchanged. If the **$4,670** support is effectively held, the short-term outlook is mainly for a rebound. In that case, watch whether price can break through the resistance levels at **$4,750** and **$4,765** in sequence. If support breaks down, gold may seek a deeper pullback toward **$4,650**.

Direction | Key price levels
Upper resistance | $4,750 / $4,765 / $4,800
Lower support | $4,670 / $4,650 / $4,613

#Gate广场五月交易分享