The U.S. Department of Labor released data last night showing that in December, the seasonally adjusted non-farm payrolls increased by only 50,000, well below the market expectation of 60,000, and the previous figure was revised down to 64,000. Once the data was released, gold bulls responded immediately, but the subsequent unemployment rate cooled the market—unemployment unexpectedly dropped to 4.4%, below the expected 4.5% and the previous 4.6%, giving the dollar a breather.

This hot-and-cold combination directly affected market expectations for Federal Reserve policy. CME's "FedWatch" tool shows that the probability of a rate cut in January only slightly increased from 11.6% to 13% after the data release, with maintaining interest rates unchanged still the dominant expectation at 87%. Market bets on easing policy remain quite restrained, resulting in the dollar index falling initially and then rebounding, while non-U.S. currencies and precious metals are caught in a tug-of-war.

From a technical perspective, gold's daily chart currently holds steady above the 2630 level. If it can break through the resistance at 2655 in the short term, it may continue aiming for 2685; conversely, if it falls below 2620, it could retest the 2600 support level. The 103.3 level of the dollar index has become a critical watershed—if it breaks below this, the 102.8 abyss below awaits.

The upcoming market rhythm may become even more lively—since the residual effects of non-farm payrolls haven't fully dissipated, earnings season is officially underway, coupled with geopolitical noise, the market is expected to maintain high volatility. In terms of trading strategy, it's best not to chase highs or sell lows; controlling positions and waiting for a clear direction is the best approach.