Spot Gold Weekly Review: Bulls and Bears "Digging into Each Other's Pockets," $5000 Level in a Tug-of-War

This week's gold market has been nothing short of a "battle of the gods." After experiencing a violent surge and a sharp plunge from high levels, gold prices have now entered a quite sensitive consolidation and correction phase.

The weekly data performance has also been highly dramatic, presenting two extremes: first, unexpectedly strong non-farm payroll data showing the labor market remains resilient, which triggered a panic sell-off during the US trading session; immediately afterward, CPI data delivered a counter-move, with inflation still stubborn, igniting gold's anti-inflation properties and causing a rapid rebound.

One piece of negative news, one positive, and these opposing forces repeatedly tug at the psychological level of $5000. Neither bulls nor bears can fully dominate the situation. From a daily chart perspective, although gold has recovered some of its losses, it has yet to break through the previous decline starting point. Overall, it is still trading within a wide-range oscillation box.

Therefore, the approach for next week is quite clear: continue to "buy low and sell high" within the range. The key resistance zone to watch is $5100-$5190. Especially at $5190, which was the high point of the previous rebound, if it cannot be broken through with volume and stabilized, it is likely to face a second decline. This level is an ideal shorting point. On the downside, keep an eye on the support zone of $4880-$4820. Particularly near $4820, which served as a stabilization point after the last sharp drop, market recognition is relatively high, and both psychological and technical support are strong. If prices retrace to this area, it could be a good opportunity for long positions.

In simple terms, until a major data release can break the current equilibrium, respecting the range and avoiding chasing highs or selling lows remains the more prudent strategy.