Gold surged to 4,259 on Friday before coming under pressure and pulling back again, closing the daily candle with a long upper shadow and forming a high-level consolidation pattern on the candlestick chart.

The 4-hour chart structure appears weak, and the short-term market is expected to continue with wide-range oscillation and a tug-of-war. The market is currently waiting for the mid-month Federal Reserve interest rate decision and non-farm payroll data to provide guidance for a directional breakout.

It is worth noting that although silver has already broken through its historical high, gold prices currently lack the momentum to challenge their record highs in the short term and will need to wait for clearer fundamental or sentiment-driven catalysts.