The August Non-Farm Payroll (NFP) report will be released this Friday (September 4) at 20:30 Beijing time! Yesterday, gold ($XAU) saw a standard sharp drop followed by a low-level recovery. The future direction is entirely focused on this Friday’s NFP employment data. If the NFP data shows strong performance, a stronger dollar will directly suppress gold prices! Reasons for gold bulls to stay confident: 1. Last night’s weak U.S. employment data and cooling rate hike expectations. 2. Solid bottom support around the 4280-4300 range, with sufficient buying interest. However, the key factor suppressing the market is the geopolitical boost for the dollar, combined with the lingering high rate hike expectations from the Fed. These dual factors lock the upside potential, which is why blindly chasing longs above 4415 has very low cost-effectiveness and is prone to getting trapped. Sell near the rebound resistance at 4465, and if it breaks through, the next strong resistance is at 4490, where you can add to your position. Set your stop loss at 4500.