The non‑farm payrolls data fell short of expectations. The pullback in the U.S. dollar and U.S. Treasury yields provided support for gold prices. Coupled with continued gold purchases by global central banks, gold maintains solid fundamentals over the medium‑to‑long term. Nevertheless, we should not be overly optimistic. With no high‑impact economic data due on Monday, market participants will likely stay cautious ahead of Wednesday’s CPI release. In addition, gold has rallied sharply in the earlier period, and many short‑term long‑position holders are likely to take profits, which may trigger a pullback in gold prices.

I am focusing on several key price levels. The 4370‑4380 zone represents the previous high and near‑term resistance. Gold is prone to a pullback after hitting this level, making it a reasonable zone for short selling on stabilization. The 4400 psychological level is a critical threshold. Only a firm break above it can justify further upside; otherwise, it will present an ideal short‑selling opportunity.

On the downside, 4300‑4310 acts as the short‑term pivot for bull‑bear momentum. If this range holds, the bullish structure remains intact. A breakdown below this zone will likely trigger a correction toward the strong support zone of 4260‑4240, where we will reassess buying interest.

Based on recent price action and my own assessment, international gold is likely to trade in a mild bearish sideways range next Monday, with limited large‑scale one‑sided moves. The market will hinge heavily on Wednesday’s CPI data.

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