#美国贸易赤字状况 Gold midday trend observation: these three price levels are the most critical

📊Recent Market Overview
Spot gold started to gradually decline from the morning session, rising to around 4484 before stalling and then slightly retreating. Overall, it has formed a deep V-shaped reversal followed by consolidation.

This indicates that although the bulls attempted to push higher, their momentum is insufficient to sustain strength; meanwhile, the support levels below are relatively solid and have not been broken. Currently, the market is in a tug-of-war between bulls and bears, with large funds generally cautious at key levels, observing the situation.

🔍Why macro fundamentals are so important
The upcoming non-farm employment data is a major event. It directly affects how the Federal Reserve adjusts monetary policy and is the core driver behind whether gold can break through key levels.

The data has not been released yet, and funds are currently waiting. Coupled with fluctuations in the US dollar index and geopolitical developments, gold has not formed a clear trending move in the past couple of days. It is most likely oscillating within a certain range.

📈Three technical points

1. The daily chart shows interesting behavior — long lower shadows indicate strong support below. The price has already stabilized above the 5-day and 10-day moving averages, maintaining a bullish foundation.

2. On the four-hour chart, gold remains supported by the upward trendline, and the overall bullish trend has not changed for now.

3. Resistance is clustered around the previous high of 4490-4500; on the downside, watch whether 4440-4445 can hold, followed by the strong support at 4415-4423. Overall, the trading range is basically locked between 4415 and 4490.

💡Trading Strategy Framework

The current approach is to trade within the range, mainly buying low and selling high. Avoid chasing rallies or panicking during dips.

**Long entry points**: The 4440-4445 zone is the first entry opportunity. If the price retraces further down to 4415-4423, consider adding positions, with a stop-loss around 4403.

**Target levels**: First aim for 4470-4475. If this level is broken, then look towards 4500-4510.

**Risk management**: Strictly control position sizes. After the non-farm data is released, adjust your holdings based on the actual breakout direction.