XAUUSD London briefing — 2026-05-06

BIAS BEARISH — D1 structure dominates over neutral H4/H1 divergence; RSI 67 shows overbought conditions on intraday. KEY LEVELS R: 4700, 4750, 4887.92586 | S: 4650, 4600, 4503.72464 NEWS 🔴 ADP Employment Change — 12:15 UTC 🟡 Fed's Musalem Speech — 13:30 UTC 🔵 MBA Mortgage Applications — 11:00 UTC SESSION OUTLOOK Watch ADP print for dollar strength catalyst; Musalem speech adds volatility risk. Bias leans short into 4650 support. PRO UNLOCKS Entry 4668, SL 4680, TP1 4650, TP2 4600 | FVG 4655–4672 | Liquidity sweep 4700 resistance

Key Levels

R: 4700.00 · 4750.00 · 4887.93

S: 4650.00 · 4600.00 · 4503.72