#现货黄金站上4200 Affected by the weaker-than-expected nonfarm payrolls, market expectations for a Fed rate hike have cooled, and gold has rebounded accordingly. It closed higher for two consecutive days last Thursday and Friday, standing above the 20-day moving average of 4150.  

From the daily chart perspective, last week's rebound in gold was not only influenced by the nonfarm payrolls but also by the need for a technical oversold bounce after its continuous decline. After all, there had been expectations of a battle around the 4000 level, and last week's price found some support there.  
However, judging by the action and momentum of last week's rebound, although the bulls made a move, the actual rebound momentum was not very strong. Therefore, last week's rebound should be viewed more as a technical oversold bounce, and one should not have high expectations for the continuation of the rebound in terms of space and time in the short term.  
This week, gold is expected to see a continued rebound, but the upside room will not be large. If market expectations for a Fed rate hike continue to cool later on, it is possible for gold to reach the previous high around 4370/80, but the likelihood is relatively low. After the short-term rebound, the moving average bands have not fully crossed, so at the beginning of the week, a retracement to test support cannot be ruled out. Focus on the battle and retest around the moving average band of 4150-4070 below. If it falls back below 4000 this week, the rebound trend will be declared dead.  
Looking at the hourly chart, gold rebounded continuously in the latter half of last week, forming an upward channel on the hourly level. However, the current price has also run to the upper boundary resistance of the channel, and Friday's performance made it difficult to support further upside. Even if there was a bounce after today's opening, it did not continue. The repeated back-and-forth also confirms that there is resistance above in the short term. Therefore, one should be cautious about a potential technical correction at the beginning of this week.  
At the beginning of the week, gold retains a slightly bullish expectation for now, but a technical correction is allowed. Focus on the resistance area around 4200-20 above, and on the retracement possibility around 4150-40 or even 4115-00 below. 
① For operations, aggressive traders can take short-term long and short positions around the above range, while conservative traders should wait and see.  
② For those aggressive traders who want to participate at the beginning of the week, they can first short lightly at 4200-10 with a stop loss at 4220 for now, target 4160-50 to reduce positions and move stop to breakeven, and then look at the 4120-00 area for further reduction.  
③ If the market moves directly higher at the beginning of the week, do not chase even if it breaks above 4220. Wait to test the resistance near 4240-50 to see if a short-term short position can be taken.  
④ If the market retraces to the 4150/40 or 4115-00 area at the beginning of the week, consider whether to take a short-term long position based on actual intraday conditions.  
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