What have your practice scores been like?

Are you confident with where you are in your studying?

Does it make sense in terms of your work/personal schedule?

Are there still areas that you need to shore up before you sit for the test?

If you are confident and this is a good time for you to take it, there is no magical reason why you would not sign up to take it in 5 days. I often tell students who have scheduled the test far in advance to mark their calendars for 8 days before the test date and then decide if they should reschedule. So you are basically doing that right now! And remember you can always take it again in 31 days!

Good luck with whatever you decide...

My score range has been 670 to 730. I have given both GMAT prep tests and got 690 and 710. This would be my second attempt on the GMAT, the first one was 620.
I am looking for a 720+ score
Verbal range has been 33 to 40
And
Quant range has been 46 to 49

There are no guarantees on test day of course...with that said, you are within your range. Your average score on the two GMATPrep tests is a 700 and on average students do score a little higher on the actual test then on their final GMATPrep. I have not worked with you so I don't know the history of your studying but a recent student of mine had a 720 on his last practice and I predicted a 730 for him on test day because I knew he was prepared to see it through (he got a 730). If you feel prepared to see it through taking it in five days is certainly a viable option for your 720.

Just make sure that you keep your focus leading up to the test - specifically make sure that you have a way of avoiding making careless errors on test day.

Hope that helps!