Gold fluctuates and declines, with 5000 key support in today's non-farm report

Yesterday, gold experienced a weak oscillation and decline, which aligns with my outlook. I didn't get a good shorting opportunity, but I entered a short at 5160. In the medium term, gold may continue to fall. The pattern has changed; the previous relentless bullish phase no longer exists. The U.S. attacking Iran is mainly to maintain dollar dominance, to better control oil and natural gas prices, as the U.S. is the world's largest exporter of crude oil and natural gas.

With the strength of crude oil and the dollar, inflation concerns are rising. The Federal Reserve's rate cut cycle will likely decrease, which is undoubtedly negative for gold. Therefore, medium-term, gold can be positioned for a short.

For today’s non-farm report, the main strategy is also to go short at high levels. Watch for resistance around 5130-40 for a bearish approach, with a stop loss at 5154. Key support levels are 5050/5000. If it breaks below 5000 again, the bearish momentum and selling sentiment will expand, potentially extending the decline to 4900/4850.

Short around 5136, stop loss at 5154, take profit at 5050/5000

The above suggestions are for reference only; actual trading should be based on real-time operations.

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