Nonfarm payrolls delivered a major bearish surprise. The market plunged briefly, but the decline did not continue. There was strong buying support below: prices fell without collapsing. The current price is 4046. After the data release, prices briefly dipped to a low of 4026 before quickly recovering their losses. Earlier bearish factors had already been priced in, while long-term buyers are supporting gold prices. Overall, the market has entered a period of range-bound trading. Don’t chase shorts. If support at 4028–4035 holds, consider entering a short-term long position, with a stop at 4022. The first target is 4070–4080, and the second is 4100. Nonfarm payrolls can cause sharp volatility, so be sure to manage your position size and use a stop-loss. $XAU