Non-farm payrolls data will be released tonight, and this is a key factor influencing the short-term direction of the gold market. The current market expectation is set at 60,000 jobs, and this number is crucial.

After the data is released, two extreme scenarios may occur: if the actual figure exceeds 60,000, it indicates a very strong US employment market, which will directly undermine the Federal Reserve's rate cut expectations. Investors may even start to reconsider the possibility of rate hikes, leading to a strengthening dollar. Gold priced in USD will inevitably come under pressure, and prices are likely to decline.

Conversely, if the data does not reach 60,000, it will amplify signals of a weak employment market. Lack of economic growth momentum will lead the market to generally expect the Fed to start rate cuts sooner and more aggressively. The US dollar index will then retreat, making gold more attractive for investment, and the probability of a stock rebound will increase.

In summary, this data influences the triangular relationship between the Federal Reserve, the US dollar, and gold. Traders are all closely watching the release of this data.