The recent movement of gold has been quite interesting these past two days. After opening lower yesterday morning, it continued to decline, then this morning surged back to around 4484, followed by a slight pullback, forming a overall deep V-shaped reversal and subsequent consolidation. From this rhythm, the bullish momentum appears to be lacking, but the buying support below remains quite steady. Currently, the market is in a tug-of-war at a key level, with funds mostly on the sidelines.

The upcoming non-farm payrolls data is the main event. This data directly influences the Federal Reserve's policy direction and determines which way gold will break out. Before the data is released, most funds are in a wait-and-see stance. Coupled with fluctuations in the US dollar index and geopolitical disturbances, it’s unlikely for gold to form a one-sided trend in the short term; range-bound oscillation is the most probable scenario.

From a technical perspective, several signals are worth noting. The daily chart shows a long lower shadow, indicating strong buying support below, and the price has stabilized above the 5-day and 10-day moving averages. On the 4-hour chart, gold remains within the upward trendline support framework, and the bullish trend has not changed. However, short-term resistance is concentrated around the previous high of 4490-4500. First support below is at 4440-4445, with strong support further down at 4415-4423. Overall, the current activity range is between 4415 and 4490.

Operational advice is quite straightforward: focus on range-bound trading at this stage, mainly buying low and selling high, and avoid chasing rallies or panic selling. Bullish entries can be considered around 4440-4445, with additional positions if it retraces to 4415-4423, setting stop-loss near 4403. Target levels are initially 4470-4475; if broken, then look for 4500-4510. Lastly, I want to emphasize risk control: position sizes must be strictly managed, and after the non-farm data is released, adjust your holdings based on the actual breakout direction.