XAU/USD Gold: Bullish Expansion and Resistance Target at $4,723

  • May 7, 2026
  • Posted by: EWGFX
  • Category: Technical analysis
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The market is showing a strong recovery trend with clear bullish momentum. Key technical and fundamental details include:

Current Action: Gold is trading at $4,713.26, up over 0.48% for the session. The price is aggressively moving higher after a brief consolidation period during the Asian session.

Supply Zone Target: A blue Supply Zone has been identified as a target between $4,720 and $4,724. This aligns with the recent cycle high of $4,723.00, representing a critical resistance level where sellers may step back in.

Technical Support: Immediate support has shifted up to the $4,685.50 level, which previously acted as a pivot point earlier in the morning.

The Outlook: The bias is firmly bullish in the short term. Traders are watching for a tap and potential rejection of the $4,723 resistance zone. A clean 30-minute close above that box would signal a continuation toward the $4,750 major liquidity pool.