Mu Yao: Surge and Consolidation, Steady Positioning Before Non-Farm Payrolls

On Thursday, gold traded in a pattern of rising, pulling back, and fluctuating within a range during the day, with the bulls gaining momentum early and reaching the 4720 level before pulling back; midday, it quickly stabilized after dropping to 4692 points, resuming the rebound.

During the European session, gold prices experienced a rapid surge, reaching around 4753 before encountering resistance and falling back. After the second attempt to push higher, the market is waiting for guidance from U.S. economic data, coupled with the upcoming release of the highly anticipated non-farm payroll report tomorrow, making it difficult to see a strong trending market in the short term. Technically, there is clear resistance above, and the market will prioritize waiting for a pullback to buy low.

Trading reference: Enter long positions in the 4710-4720 range, targeting the 4750-4780 zone.