Gold (XAU) remains in a long-term bullish trend, but in the short term, it’s leaning towards bearish consolidation with signs of overselling. However, the bottom hasn’t been confirmed yet, so don’t rush to buy the dip. The key focus is on Friday’s Non-Farm Payroll (NFP) data. Last Friday, the price effectively broke below 4570, which has now turned into resistance. The short-term bearish pattern is quite clear! On September 1st, it’s highly likely to continue the pullback consolidation or show weak rebounds. For short-term trades, prioritize shorting near the resistance levels of 4490-4530. The mid-term bullish structure hasn’t been completely broken yet, but the key lies in the defense of 4340-4317. If it breaks below these levels effectively, the outlook will shift to bearish. Wait for signals of a second bottom formation.