#美国非农就业数据未达市场预期 Precious metals are once again fluctuating at high levels—the story of gold is not over yet.

The US December CPI data was released, with the annual rate holding steady at 2.7%, in line with market expectations. However, this actually reinforces a signal: inflation persistence is stronger than expected. This directly dampens the Fed's continued aggressive rate cuts, giving the US dollar index a breather and allowing it to remain strong. On the other hand, Venezuela's geopolitical risk has not further escalated, which should have been a safe-haven story for gold. However, the buying momentum is insufficient, and the overall situation still suppresses the bulls.

From a trading perspective, a rebound to the 4620-4630 range can be considered for short positions, with a stop-loss set at 4638 for safety. The first target is aimed at 4580-4575. If the support at 4573 is broken, look further down to the 4550 level. The rhythm of $XAU still needs to be observed.