#美国非农就业数据未达市场预期 Gold Market Review | Can Gold Continue Its Uptrend?

During the white trading session, gold showed a typical pattern of rising followed by consolidation at high levels. Starting around 4526, it steadily climbed to 4601, touching the recent high, then experienced a slight pullback and repeatedly tested the 4580-4600 range, maintaining bullish momentum.

From a fundamental perspective, the major positive factors driving gold prices have already been absorbed by the market. Safe-haven buying triggered by geopolitical tensions was fully released during the early session. Although expectations of Fed rate cuts exist, they did not spark new investment enthusiasm in the afternoon and were instead used by some funds as an excuse to take profits. It is worth noting that disturbances like silver position limits could be potential hidden risks. If gold continues to stagnate at high levels, the impact of these negative factors may gradually amplify.

Technically, the 1-hour chart shows gold gradually rising with the moving averages maintaining a standard bullish alignment. 4601 is a short-term resistance level, with the 4580-4590 zone forming the first support. Although the MACD has turned at high levels, trading volume has not significantly decreased, indicating that the market is likely to consolidate and gather energy before pushing higher again.

Evening trading strategy: Consider going long if the price retraces to the 4565-4575 range, with a stop-loss below 4560. The initial target is 4600-4610. If this zone is broken, look further up to 4620-4630.

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