Afterglow of Non-Farm Data Remains, Gold Maintains Range-Bound Consolidation

As the weekly close approaches, gold remains locked in a stalemate between bulls and bears with oscillating volatility. Price continues to trade below the moving average system, with overall bullish momentum remaining weak. However, the downside pace has slowed somewhat, and no accelerated break-through signals have emerged yet. Short-term selling pressure has eased, but rebound strength remains limited.

With the Fed's March interest rate decision drawing near, markets broadly expect the meeting to maintain rates unchanged, with rate-cut expectations continuing to cool. Influenced by this, the US dollar index and US Treasury yields have strengthened, exerting clear pressure on gold prices. Following Friday's non-farm data release last week, market sentiment turned cautious, with long-position funds actively reducing positions and exiting.

Currently, gold is primarily range-bound in consolidation. On the upside, watch the 5065 level as initial resistance, with key pressure zone at 5100-5120. On the downside, support is noted around 4960-4980.

Operationally, you can directly go long at 4980, with conservative traders waiting for 4960 nearby to build long positions in batches. Target levels are 5050, 5080, and 5100 respectively. #黄金