On Wednesday, February 11th, as the market anticipates the release of the major Non-Farm Payrolls data, gold has found support around 4660 after a secondary decline. Technically, the four-hour chart shows a golden cross signal, while the daily chart is also at the convergence point of forming a golden cross. Since this second pullback near 4660, significant buying interest may have emerged in the domestic market, especially as the Chinese market was closed for the Spring Festival holiday just before this substantial decline occurred. This timing suggests the gold rally may have been strategically set up to attract market participation, appearing almost perfectly orchestrated.

This week marks the final trading period for domestic banks and Shanghai Gold before the holiday. The underlying market dynamics could be significantly influenced by tonight's Non-Farm Payrolls data. A positive data outcome would strongly indicate that gold has indeed completed a double bottom formation. Conversely, negative data could lead to continued consolidation at lower levels or even new lows. The current perspective is that gold might experience another volatile sweep before the domestic market closes, and investors should prepare for this possibility psychologically.

Internationally, conflicts in both Ukraine-Russia and the Middle East have reached negotiation impasses, with little room for further discussion. Meanwhile, the typically aggressive rhetoric from Trump has been put on hold due to distractions from Japanese elections, temporarily pausing escalation. However, the current Middle East situation, involving the deployment of two U.S. aircraft carriers and extensive airlift operations, represents a significant commitment far beyond mere posturing. The substantial costs incurred suggest that disengagement without corresponding political gains would be difficult, and a hasty withdrawal could signal the end of Trump's political influence. Therefore, the broader geopolitical context still favors a bullish trajectory for gold. The current pullback should be viewed as an opportunity to establish long positions on dips. It is advisable to watch for potential declines into the 4660-4680 range, with more aggressive entries considered around 4720 for building positions in batches.

On the technical front, the golden cross on the four-hour chart shows persistence, contributing to a converging golden cross signal on the daily chart. After reaching a high of 5086, gold closed with a bullish candle above the 10-day moving average. While yesterday's session ended positively, the failure to break decisively above 5091 on the daily chart indicates potential resistance and a possibility of a pullback. This suggests the bullish momentum may not be sustainable in the short term, and the market could remain under selling pressure until the week's close, although the primary directional cue will still come from tonight's Non-Farm Payrolls data.