The real test for gold is only just beginning!GoldOANDA:XAUUSDPrecision_Strategic_TraderNon-farm payroll data triggered a short-term rebound in gold prices, but this rally is largely driven by short covering rather than a trend reversal. While short-term sentiment has improved, the medium-term bearish outlook remains unchanged. From a fundamental perspective, real interest rates remain high, inflationary pressures persist, and gold ETFs continue to experience outflows. The structural headwinds facing the market have not yet been eliminated. Technically, the 4-hour chart shows prices approaching the upper Bollinger Band, and momentum has slowed after the recent surge, suggesting a short-term need for correction. If the rebound weakens, the probability of a pullback from higher levels will increase. Trading strategy: Continue to focus on selling on rallies, paying close attention to the 4190-4210 range for phased short positions. Patiently await a technical pullback, avoid blindly chasing rallies, and strictly manage risk.