#美国非农就业数据未达市场预期 This week's gold market was full of ups and downs, but it gave us plenty of profit opportunities — in simple terms, it was about capturing the rhythm of the shift between bullish and bearish under the macro game.

In the first half of the market, from January 5 to 8, gold repeatedly fluctuated under multiple pressures. On one hand, global geopolitical tensions remained high: military confrontations between the US and Venezuela, escalating Russia-Ukraine conflict, and ongoing tensions in the Middle East all continuously pushed safe-haven funds into gold. On the other hand, the central bank gold-buying trend showed no signs of slowing — China's central bank has been increasing its holdings for 14 consecutive months, reaching a level of 74.15 million ounces. This global central bank gold-buying enthusiasm is expected to continue until 2026, with cumulative new purchases possibly reaching 755 tons. The forces of bulls and bears reached a certain balance here, opening up space for swing trading, and we achieved dual-direction gains during this process.

But suddenly on January 9, we hit a snag — the US December non-farm payrolls data was not as strong as market expectations, but the unemployment rate unexpectedly dropped. This set of data directly changed the market's expectations for the Fed's rate cut pace. Previously, the market said there was a 60% chance of a rate cut in January, but that suddenly dropped to 5%. The dollar strengthened in the short term, and gold prices were suppressed. We didn’t stubbornly hold on and cut losses in time. But then we quickly re-evaluated the logic: the Fed still has a probability of two rate cuts in 2026, the downward trend of real interest rates has not reversed, and geopolitical risks continue to resonate. The safe-haven attribute and long-term allocation value of gold have not weakened. So we re-entered the market, and the situation quickly turned around, resulting in full-blooded gains for the week.

Looking back at this week, the main logic for gold's bullish trend in 2026 remains unchanged: continuous central bank gold purchases, the Fed’s rate cut window still open, and geopolitical risks supporting the market — these three drivers, combined with strong technical structures, make every pullback just a buildup rather than a true reversal. The market rhythm is driven by macro variables, and by mastering these variables, pullbacks become good opportunities for deployment. $BTC