If you have gold, pay attention. After tonight’s Non-Farm Payrolls data drops, the market has seen a very eye-catching run. Many friends are asking how to judge the market’s next tempo—so I’ll lay out the logic and the key observation zones in one go.

First, let’s briefly review the NFP data. This time, the added jobs were only 57,000, far below the market’s earlier expectations. Coupled with the earlier revision downward of historical data, the market’s expectations for overseas monetary easing have rapidly heated up. The US dollar and US Treasury yields have moved lower at the same time, which has driven gold higher quickly.

As soon as the news landed, price immediately surged, rising all the way to around 4143. There’s also been a pullback as long positions took profits and reduced exposure. At the moment, the market is consolidating and correcting around 4117.

My personal view is that the first resistance overhead is still around 4130, where it faces strong pressure—also at the high point of this surge, around 4150. Here, there is a buildup of sell orders from participants who exited earlier, so it’s difficult to break through the lower support range in one go. In the short term, at the integer level of 4000, that’s the next reference. The core consolidation and support zone is at 4070 to 4080—the concentrated area of chips that launched this rally.

If this zone is broken, then the bullish logic brought by this data will be weakened. For my own approach, I will wait for the price to pull back to around 4100 and stabilize before building risk positions and looking higher. If it breaks through, then I will definitely wait for stabilization around 4060 to 4080 before building risk positions upward.

Finally, a key reminder: don’t blindly chase the move at the highs, because the risk-reward value is really low and the risk is simply too big. $XAUT