Friday’s gold market was quite a roller coaster. Prices swung up and down, brutally testing key levels, leaving many traders confused. Let’s take a closer look at what exactly happened.

The morning and afternoon movements were relatively orderly. Prices found support at important levels, with two rebound waves providing opportunities for participation. The rhythm was clear, and those trading based on technical analysis indeed had an advantage. This part was within expectations.

But the evening was a different story. Prices first retreated, then surged again, testing higher levels, only to suddenly turn downward. This downward move was intense, very fast, breaking through several intra-day reference points. The whole process felt like a roller coaster ride, and many stop-loss orders were likely triggered during this round.

Interestingly, after hitting the bottom, the decline did not continue. Instead, there was a quick rebound, closing at a relatively high level. It didn’t look like a true bearish signal, but more like a “probing sell-off”—the market testing the support strength below. After this deep volatility, market sentiment eased somewhat, and the market’s direction was clarified again. We usually interpret this phenomenon as:

First, collecting chips and waiting orders, re-aggregating market participants; second, releasing excessive optimism through sharp fluctuations to build energy for the next move.

So, although the volatility looks fierce, the underlying logic is “using the trend to consolidate and recharge.” The rapid and intense swings at night are indeed a nightmare for retail traders—easy to get caught, and risk control systems can be triggered easily. If you’re not fully confident, the best approach during such times is to watch more and act less—observe what the market is doing, and avoid chasing highs or bottom-fishing in haste.

How should we view this market moving forward? Let’s analyze from several timeframes:

**Weekly Perspective**: The trend indicators remain strong, with the upward momentum continuing. The long-term trend has not been broken. This suggests that the previously created high levels may not be the ultimate top; with positive news, the upward speed could accelerate rapidly.

**Monthly Perspective**: The market has been rising for several consecutive months. Historically, there’s a pattern worth noting—cycles around “March, June, September” tend to be prone to volatility. If the next month continues upward, we should watch out for potential correction pressures ahead.

**Daily Chart**: Short-term technical indicators are already in high-level consolidation zones. The bottoming and rebound pattern on Friday indicates clear support below. No trend reversal signals are visible yet, but high-level consolidation itself suggests larger fluctuations may occur next.

Overall, the market is in a delicate phase of “both rising and consolidating.” Timing is more important than trying to catch the top or bottom. Over the weekend, it’s best to step back from the market, adjust your mindset. Next week, keep a close eye on key levels and policy news for guidance.