Aftereffects of Non-farm Data Persist, Gold Maintains Range-bound Consolidation

As the weekly close approaches, gold is caught in a stalemate with oscillations between bulls and bears, with prices still trading below the moving average system. Overall bullish momentum is weak, though the downside momentum has slowed somewhat, and no accelerated breakdown signals have appeared yet. Short-term downtrends have eased, but rebound strength remains limited.

With the Fed's March interest rate decision approaching, the market widely expects this meeting to maintain rates unchanged, with rate cut expectations continuing to cool. Affected by this, the US dollar index and US Treasury yields are strengthening, exerting notable pressure on gold prices. Following Friday's non-farm data release last week, market sentiment has turned cautious, with bullish funds actively reducing positions and exiting.

Currently, gold is primarily consolidating in a range-bound pattern. On the upside, first pay attention to the resistance at 5065, with key resistance zone at 5100-5120; on the downside, note support around 4960-4980.

Operationally, one can go long directly at 4980. Conservative traders should wait for another batch of buying near 4960. Target levels are 5050, 5080, 5100 respectively. #黄金