Juejin Old Cat: Waiting for a Breakout in Gold Ahead of Non-Farm Payrolls

Today’s spot gold market overall exhibits a typical "pre-data syndrome." The price fluctuated within the range of $4453 to $4484. After the opening, it briefly surged to the intraday high of $4484.05. Subsequently, due to a lack of sustained buying momentum, the price oscillated and pulled back. The latest quote is $4464.80, down slightly by 0.28% from yesterday’s close.

Market attention has fully shifted to the upcoming non-farm payrolls data to be released tonight. Prior to this, investors generally remain cautious, with weak trading willingness. This directly led to today’s narrow-range consolidation. The data released during the day, such as initial jobless claims, showed stability and did not cause significant market disturbance.

From a technical perspective, the 5-minute chart shows that gold has formed a clear short-term resistance around $4480. The $4450 area below provides solid support. Currently, the price is in the middle of this range. The bulls and bears are temporarily balanced. Before the non-farm data release, this stalemate is unlikely to be broken.

Based on comprehensive fundamental and technical analysis, tonight’s strategy suggests mainly range-bound trading. It is recommended to attempt long positions within the $4450-$4455 range, targeting $4475-$4480. If the price encounters resistance when rising to the $4480-$4485 range, a light short position can be tried with a target of $4460-$4455. Strict stop-losses should be set, with a recommended single-sided stop-loss of $5-$8. Once the non-farm data is released and the price breaks out of this range, strategies should be adjusted promptly to follow the trend.

Disclaimer: The content of this article is for reference only and does not constitute any investment advice or operational basis. Market volatility carries significant risks; investors should make independent decisions based on their own circumstances and bear the risks themselves.