Market Analysis: On May 9th, markets are assessing the prospects of a potential peace agreement between the U.S. and Iran. This optimistic expectation has alleviated concerns that high inflation might lead to prolonged elevated interest rates. The U.S. dollar index experienced a slight pullback, while the 10-year Treasury yield also declined, providing additional support for gold prices. Since the conflict erupted in late February, gold has declined by over 10%, primarily influenced by high oil prices boosting inflation expectations and disrupting the interest rate path. Crude oil prices fell approximately 6% this week, reflecting market pricing of the peace prospects, which in turn has given gold some breathing room. The focus remains on whether geopolitical events will recur. If peace signals continue to strengthen, gold's short-term recovery momentum may persist, although structural safe-haven buying will still be constrained by the interest rate environment.

Gold Outlook and Trading Strategy for Next Week: First, let's discuss the broader environment. Following the release of this week's non-farm payroll data, gold showed little significant movement, indicating the market is currently less focused on data and is primarily driven by international developments. From a chart perspective, gold is currently trading sideways at elevated levels and still requires a minor downward correction to solidify support. Therefore, at these high levels, avoid chasing the rally blindly, as it's easy to buy at a peak.

Here are the key levels to watch next week: Initial resistance is at 4732, followed by 4745, with strong resistance positioned at 4764. This Friday evening, the price tested both 4732 and 4745, encountering pullbacks each time, demonstrating the strength of these resistance levels. Any rebound to these areas next week is likely to face selling pressure and require a corrective pullback. On the downside, initial support lies at the psychological 4700 level. If this fails to hold, watch 4680, with the crucial support zone between 4660 and 4645. The lower boundary of the current trading channel has gradually risen to around 4645. A price decline to near 4645 would present a solid opportunity for buying on dips, representing a normal retracement after the previous rally.

From a short-term pattern perspective, gold has formed a minor consolidating downward structure. Next week's opening is likely to see an initial minor decline. After the correction establishes solid support, the overall broader uptrend remains intact. Simply put: Expect gold to fall first and then rise next week. Positioning on dips is a much more reliable strategy than chasing rallies.

Silver Outlook and Trading Strategy for Next Week: Silver's overall performance has been notably stronger than gold's, maintaining a slow, oscillating rebound rhythm this week, though it has yet to break through previous highs. Next week, silver is expected to continue oscillating within a range. Key upper resistance is at 82.1, with solid bottom support at 78.1. Near-term support is around 78.7, with a critical ultimate support level at 77.

The trading strategy is straightforward: Next week, consider accumulating positions in batches on a pullback to around 78.7. A decline to 77 would be an excellent buying opportunity. As long as the lower support levels hold, silver is expected to continue its oscillating upward movement. A breakout above the 82.1 resistance could open the door for a new wave of gains.

Summary of Next Week's Overall Trading Strategy: Gold: Avoid chasing long positions at highs; wait for pullbacks! Consider buying in batches on dips to the support zones at 4700 and 4660–4645. Upon stabilization, watch for a rebound towards the 4745 and 4764 resistance levels. Silver: Treat it as range-bound trading between 78.1 and 82.1. Buy on dips near 78.7. If the 77 support holds, maintain positions patiently for gains. A breakout above previous highs would signal a continuation of the uptrend.