#XAU After a sharp surge late yesterday, it slowly pulled back and then found support around the 4470 level. In the morning, the price continued with the opening momentum and then started to rebound and rise again. This also indicates that the pullback from the previous move on the larger cycle has basically ended, and it is likely to kick off the start of a second wave of rebound. For today, we favor a first rise to test yesterday’s high, followed by consolidation. The Non-Farm Payrolls data is the key; the final direction of the market’s movement will be determined in the evening. Second, the Wednesday ADP smaller non-farm data and the Thursday early-week initial jobless claims figures are also bullish for gold. In that regard, today’s major non-farm data has a relatively high likelihood of being bullish. The key resistance to watch is at 4520. If it breaks through, there is likely no problem for today to push toward 4580–4630.