Gold prices are expected to remain range-bound ahead of the highly anticipated nonfarm payrolls report, following a failed attempt to break above the 4220 level during Wednesday's U.S. session, which confirmed a consolidating market.

Although no article was published yesterday, live trading continued, with two long positions entered at 4155 and 4150 respectively, both of which rose as expected. Gold remains in a short-term oscillation, with the main focus now squarely on the evening's major nonfarm payrolls data.

Ahead of the release, gold is likely to stay choppy with limited follow-through, pulling back and forth. Traders can look to sell rallies and buy dips around the 4110-4200 zone, rather than chasing moves or guessing whether the data will be bullish or bearish for gold. We will wait for the nonfarm payrolls release before assessing the post-data price action and adjusting accordingly.

In terms of strategy, gold pulled back to 4133 in early trading today before finding support and rebounding. During the Asian and European sessions, traders can watch for upside momentum from the 4133 low, and consider short positions on rallies with the 4200 level as resistance.

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