Market sentiment has changed, and gold is no longer synonymous with data bullishness.

The key point is this: when expectations of high interest rates materialize, the market actually becomes less receptive. Data only provides direction; the real answer still lies in price movements.

Looking at this wave of gold, #美国非农就业数据未达市场预期 started building positions at 4472, reduced positions and took profits at 4490, and completely exited at 4515. Three key points, a complete trading chain.

This is the logic of capital flow—follow the big funds, and the market will naturally align. When the non-farm payroll data exceeds expectations, the market re-prices its interest rate expectations, and gold's attractiveness diminishes accordingly. and perform differently under this background, but the core logic remains the same: expectations shift, and prices react first.