Non-Farm Momentum Lingers; Gold Maintains Range-Bound Trading

As the weekly close approaches, gold remains in a tug-of-war between bulls and bears, with prices still trading below the moving average system. Overall bullish momentum is weak, but the downward pressure has eased somewhat, and no signs of accelerated breakdown have appeared. Short-term decline has slowed, but the rebound strength is still limited.

With the Federal Reserve's March interest rate decision approaching, the market widely expects the rate to remain unchanged, and expectations for rate cuts continue to diminish. As a result, the dollar index and U.S. Treasury yields have strengthened, putting noticeable pressure on gold prices. After last Friday’s non-farm payroll data was released, market sentiment turned cautious, and bullish funds actively reduced their positions and exited the market.

Currently, gold is mainly consolidating within a range. Resistance is first seen at 5065, with a key pressure zone between 5100 and 5120. Support levels are around 4960 to 4980.

In terms of trading strategy, a long position can be initiated directly at 4980. Conservative traders should wait for a pullback near 4960 to add to their longs gradually, with targets at 5050, 5080, and 5100. #黄金