Spot gold short-term trading advice: range-bound oscillation, buy on dips, sell on rallies

(1) Analysis: The strengthening of the US Dollar Index combined with the sustained high level of US Treasury yields puts pressure on gold; the delayed expectations of a Federal Reserve rate cut weaken the bullish logic. Although geopolitical risks provide some support, risk aversion sentiment is marginally declining. Technically, the rebound is limited by key moving average resistance, short-term momentum is insufficient, and the overall trend remains weak and volatile. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation (3) Resistance: 4550, 4580, 4600 (4) Support: 4500, 4450, 4420;