Hey traders 👋

I posted this setup a couple of days ago and honestly? It's playing out almost tick-for-tick. Gold (XAU/USD) has been pushing hard off the 4680 support zone I highlighted, and as of this morning (May 7, 2026, 12:16 GMT) price is sitting at 4,747 — knocking right on the door of the 4,800 target I called.



Let me break down what I'm seeing right now and why this move still has legs 👇

📊 Current Setup — 1H Chart

\- SuperTrend (10, 3): Flipped bullish ✅ — green trail under price, trend confirmed

\- Stoch RSI (14,14,3,3): Reading \~69 / 59 — not overbought yet, still has room to run

\- Key Support: 4,680 — this was the launchpad. Price bounced hard, held clean

\- Immediate Target: 4,800 — confluences with a major horizontal resistance, highly likely to tap today

\- Bigger Picture Target: Eyes on 5,000 (as mentioned in my original post)



The structure is clean. Higher lows forming, SuperTrend holding, and momentum hasn't peaked. This isn't chasing  the risk/reward is still valid from 4680 support if we see any intraday pullback.



⚠️ TODAY'S HIGH-IMPACT DATA — Don't Trade Blind

Here's what could shake gold in the next few hours:



🔴 Initial Jobless Claims (Today — May 7)

This is the big one for today. A higher-than-expected print = more USD weakness = gold pumps. A surprise beat (low claims) = short-term pullback possible around 4800. Watch this closely if you're already in profit — could be a great take-profit/re-entry zone.



🔴 NFP + Unemployment Rate (Tomorrow — May 8)

The real market mover arrives tomorrow. Non-Farm Payrolls + Unemployment for April drop simultaneously with UMich Inflation Expectations. If NFP disappoints, that's rocket fuel for the 5,000 target. If it beats hard, expect a shake before continuation.



🌍 Geopolitical Wild Card — Middle East / US-Iran

Don't sleep on this. US-Iran tensions around the Strait of Hormuz are keeping safe-haven demand elevated. Any escalation = instant spike. Any de-escalation = temporary dip. Be nimble.



🎯 My Plan for Today



\- Holding longs from lower entries, targeting 4800 tap by NY session

\- If 4800 breaks and holds → next zone is 4850–4900, then the big 5000

\- Stop-loss zone remains below 4680 — that level needs to hold for the setup to stay intact

\- Jobless Claims print = possible volatility spike. I'll be watching for a quick wick to 4760–70 as a potential add zone if we get it



📈 Why I Still Like Gold Long-Term

J.P. Morgan is targeting \~$5,055 by Q4 2026. WGC says central bank buying isn't slowing. With CPI due May 12 and ongoing geopolitical noise, gold's macro case remains solid.

Drop a 🚀 if you were already in this trade. Let me know your targets below — let's discuss!



Not financial advice. Always manage your own risk.

🏆 Called It. Gold Heading to 4800 TODAY — Here's What's Next [XAU/USD Live Analysis]