Gold (XAU) might continue to drop next week. The real highlight of next week is the Non-Farm Payroll (NFP) data release at 8:30 PM on Friday, which will influence whether the Fed decides to raise interest rates in the coming months. If we enter a rate hike cycle, we could see further downward consolidation ahead! From a technical perspective, the short-term trend has already shifted to a bearish phase. On Friday, the gold ETF saw a significant single-day net outflow of -4.28 tons, signaling a short-term pullback. This is a classic continuation of a downtrend, so don’t blindly try to catch the bottom. The overall strategy has shifted from buying dips ➡️ to focusing on shorting at resistance levels during rebounds. If 4,450 is breached, the downside potential will fully open up. Only after the current hawkish panic sentiment is fully digested will the bulls have a chance to make a comeback, with a potential rebound to the 4,520 - 4,540 range (near EMA30) as a resistance zone for shorting.