Gold last week was an extremely exciting story, with prices running wildly, falling the hardest since 2013 and bouncing back the strongest since 2008 in a short period. But it seems the market is starting to breathe again; the current price comfortably stays above $5,000, which is a good sign.

What’s interesting is the US Retail Sales data from last month showed no growth at all, even though economists expected a 0.4% increase. Americans are really tightening their belts—clothing sales fell, furniture sales fell, even restaurants declined, indicating that consumer spending isn’t as strong as everyone thought. When the economy softens like this, the central bank faces pressure to cut interest rates further, and when interest rates fall, gold benefits the most.

Another key figure to watch is the NFP (Non-Farm Payrolls) coming out soon. The market expects an increase of 69,000-70,000 jobs, but there are reports that revisions to previous figures might lower the number of jobs added, which suggests the labor market could be weaker than we think. If the NFP comes out lower than expected, gold will definitely surge.

From the chart, gold is forming an ascending triangle. If the price breaks above $5,093, the target could reach $5,500. UBS still projects a year-end target of $5,900. Despite high volatility, they remain confident in the bullish trend. Central banks worldwide, including China, continue to buy gold, which is a strong supporting factor.

For those already holding gold, don’t panic about the volatility—hold on. The fundamentals haven’t changed. For those who haven’t entered yet, it might be safer to wait for a price correction around $5,000 or $4,921 before buying. It’s not advisable to chase the price now, as the market is still uncertain about the direction. Wait for economic data to be released first.