The morning gold staged a "deep V" reversal: after a sharp drop from 4982 to 4790, bulls quickly exerted force to pull back to the 4943 level, currently consolidating in the 4850 area. This is not a trend reversal, but rather a washout action ahead of data. 4790 has formed a key short-term support, highlighting strong buying power at low levels.

The bullish logic remains clear:

1. Data expectations are leaning dovish: If the evening's initial jobless claims and other data from the U.S. perform poorly, it will exacerbate concerns about economic slowdown, suppress the dollar, and boost gold. Even if the data is bland, the market's expectation of a rate cut in March remains, providing a floor for gold price valuation.

2. Safe-haven sentiment continues: Geopolitical fluctuations have not ceased, and safe-haven funds continue to flow in, building a solid bottom line for gold prices, and each pullback can still be seen as a layout window.

Technically, the price quickly tested the lower Bollinger Band and then rebounded, with MACD bearish momentum weakening, KDJ rising from a low position, short-term repair signals appearing, and the timing for a bullish counterattack gradually becoming evident.

In terms of operations, attention can be given to gradually laying out long positions below 4800, with a medium-term target referencing the 5000—5300 area. Market conditions often have fluctuations; it is essential to maintain a light position and set stop losses, responding rationally to volatility.

Be patient; trends always become clear after fluctuations. $XAU #小非农数据不及预期