1. Last Week’s Market Review

Since last Wednesday, gold prices started a strong upward rally from the 4115 level. On Thursday, favorable U.S. Nonfarm Payrolls employment data pushed gold prices up to 4145. On Friday, the rebound continued, touching 4195. Overall, the market showed a rhythm of “small adjustments + strong upward rally,” with the lows gradually moving higher and the highs continually breaking through, forming a steep upward trendline.

2. Core Judgment on the Current Market
Short-term direction: The current gold price is still in a rebound trend and has not yet broken below the last rally start point. The rebound move has not ended yet, and overall it remains rebound-focused.
Long-term direction: From a long-term trend perspective, gold prices have not formed a reversal and are still in a major downtrend. The short-term rebound and the long-term downtrend are not contradictory.

3. Key Levels and Trading Logic
Resistance above: 4250-4270 is a key resistance zone at the daily level, and it is the pressure area that needs close attention during the rebound process.
Support below: 4150 is an important watershed. If this level is effectively broken, it means the last rally start point has been lost, this rebound will be declared over, and gold prices will begin a downward adjustment trend.

4. Trading Reminder
This analysis is only my personal opinion and does not constitute any trading advice. During trading, strictly monitor the gain/loss of the 4150 watershed level. Before any breakdown, you can rely on support to look for rebounds. After a breakdown, you must promptly adjust your trading approach.
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