This week is non-farm payroll week, and the fundamental news is relatively light at the beginning of the week. The market lacks new driving factors, and gold is likely to continue its oscillating trend in the short term, unlikely to break out of its current one-sided pattern. Yesterday, gold gapped up at around 4082 on Monday before quickly falling back. During the European session, it maintained a small range-bound movement, and during the US session, it further declined to around 4019 before stabilizing and rebounding. The overall trend still conforms to the oscillating pattern. Although there were several rebounds during the session, their sustainability was clearly insufficient, and market sentiment remained cautious.

From a technical perspective, the medium- and long-term moving averages remain in a bearish alignment, and the overall trend has not changed substantially. In the short term, the price continues to trade below the moving average resistance. Although the bulls have the will to counterattack, they have been unable to effectively open up upward space. At the same time, the key support below has also shown strength. The bulls and bears are repeatedly tug-of-war, and the market is still in a stage of waiting for a directional choice. In terms of trading strategy, continue to focus on the resistance zone of 4100-4120. Before this zone is effectively broken, the overall outlook remains bearish with a volatile trend. There is no need to fear rebounds, as rebounds in a weak market are more of a technical correction and also an important opportunity to establish short positions.