#美国非农就业数据未达市场预期 Global situation remains tense, gold prices hit new highs—how much further can the bulls go?

Last weekend’s non-farm payroll data was released, and the market reaction was muted, but gold performed exceptionally well. After breaking free from the previous tug-of-war pattern, the gold price suddenly accelerated upward, heading straight for the key level of 4550.

From a macro perspective, the current international situation is indeed somewhat unstable. The power struggle between major countries is intensifying, traditional alliances are loosening, and multiple nations are beginning to adjust their stances. The risk premium from geopolitical conflicts continues to accumulate—tensions in the Middle East are high, and U.S. troops are frequently reinforcing in Europe, all of which enhance the appeal of safe-haven assets. As the ultimate safe-haven asset, gold naturally remains in demand.

What does the technical analysis say? On the 4-hour chart, the stochastic indicator has been maintaining a bullish golden cross, indicating strong upward momentum. The key level is 4550—successfully turning from a previous resistance into support. This means that once the price breaks above this level again, it can continue to follow through with a bullish trend.

In terms of trading strategy, consider taking long positions in the 4530-4520 range, with the first target around 4580-4620. If the gold price really approaches 4600, you might consider a short-term counter-trend adjustment to catch a pullback. However, if it fails to hold above 4600, short positions could still be viable.

Market risks always exist. The above is solely based on technical analysis; please adjust your operations according to your own risk tolerance.