Gold (XAU) released the bearish sentiment for this week early this morning.

There is no suspense about Japan's interest rate hike.

The non-farm data actually doesn't have much impact; a month's data is insufficient to reverse the poor employment situation in the U.S. At most, it can alleviate emotions a bit, and moreover, the data may not necessarily be good.

CPI actually has a significant impact because after the interest rate cut, it’s uncertain whether inflation will rebound. However, by the end of November, when the U.S. government shutdown is at its peak, it seems to affect consumption. The CPI is expected not to be too high.

Therefore, we still need to continue observing in Q1 next year; there will not be an interest rate cut in January, and March is uncertain.