This week, gold experienced a clear bullish trend, initially declining before rebounding strongly in the latter half of the week, resulting in a cumulative weekly gain of over 7%, the largest weekly increase since January. On Friday, influenced by positive non-farm payroll data, gold again touched the 4371 level and firmly held above the 4300 mark until the close. This sustained bullish move this week, and especially Friday's, has completely broken gold out of its previous weeks of weak, range-bound trading.

In fact, the weak employment signals were already evident in Wednesday's ADP non-farm payroll data, and the market had begun to lower its expectations for a Fed rate hike. Gold subsequently broke through the 4200 level for the first time, surging over 2.4% in a single day, with short-term bullish funds entering the market in droves. The release of the crucial non-farm payroll data on Friday, coupled with significant downward revisions to employment forecasts from the previous two months, revealed a much weaker-than-expected US job market. Consequently, the US dollar index plummeted, falling below 100, and the 10-year US Treasury yield dropped sharply to 4.64%. Gold, meanwhile, rebounded strongly, surging over 2.3% in a single day and briefly holding above the $4300 mark. This week, the non-farm payroll data, combined with expectations of easing tensions in the Strait of Hormuz, led to continued declines in oil prices, the US dollar, and US Treasury prices. As inflation concerns gradually subsided, this double positive factor resulted in a surge of buying interest in gold in the short term.

Furthermore, next week we need to closely monitor the stabilization of traffic in the Strait of Hormuz, as the continued decline in oil prices will indirectly affect the strength of gold's rise. If the conflict escalates again, it could cause a short-term surge in oil prices, which would then push up inflation expectations, subsequently weighing on gold. This will be the biggest uncertainty in the market next week.

Here are some short-term trading strategies for next week:

1. For a more conservative entry point for a short-term bullish trade next week, wait for the price to pull back to the primary support zone of 4320-4300 before gradually placing long orders. Place a stop-loss order below 4280. The first upside target is 4350, with the second target at the 4370-4400 level.

2. For a short position next week, consider waiting for the price to rebound to the primary strong resistance zone of 4370-4390 and then show signs of stalling and closing lower. Place a small short order with a stop-loss order above 4415. The first downside target is... The initial target is 4320, with the second key target being the 4300 support level.

If the short-term market continues to fluctuate back and forth between bulls and bears next week, it indicates that the market has entered a high-level, wide-range consolidation phase, which is quite likely. Therefore, we need to abandon the strategy of heavy, one-sided trading and continue to focus on buying low and selling high within the range. For the upper boundary, we should focus on 4380, and for the lower boundary, we should mainly look at the 4280-4300 level. We should trade when the price approaches the upper or lower boundary, and remain on the sidelines when it is in the middle range.