Gold Da Chuan 3.6 Afternoon Gold Analysis

Tonight at 9:30, the non-farm payroll data will be released. Coupled with the impact of the US-Iran situation, gold bulls and bears are entering a critical window. Although the war has not stopped, risk aversion sentiment has temporarily cooled. After gold prices came under pressure and declined, they are now maintaining a narrow range of oscillation; following the blockade of the Strait of Hormuz, gold did not rise but fell instead, mainly due to market concerns that rising oil prices would boost inflation and drag down the economy, thereby reducing the Fed's rate cut expectations, leading to a correction in gold. This non-farm report is particularly crucial; better-than-expected data will further suppress rate cut expectations and be bearish for gold, while weaker data will boost rate cut expectations and support gold's rise.

Gold's rebound touched the 0.618 Fibonacci retracement level of yesterday's decline, coinciding with the 5144 level, forming a strong resistance; after a sharp decline, the double top resistance is around 5200. Only if the price stabilizes above this level can the bulls initiate a new upward trend. On the downside, attention is on the dual support levels at 5080 and 5060.

This afternoon, the outlook remains bullish, mainly focusing on buying on dips and avoiding chasing highs blindly.

In terms of operations, consider buying long positions on dips to support at 5070-5080, with a stop below 5060. The initial target is 5130, then 5150.

Risk reminder: Investment involves risks. Please trade cautiously. The above analysis is for reference only and does not constitute investment advice.