Spot gold: fluctuating upwards, buy on dips

(1) Analysis: Rising oil prices have reignited inflation concerns, pushing US Treasury yields higher and raising expectations of a Federal Reserve rate hike, resulting in short-term pressure on gold. However, geopolitical risks still provide safe-haven support, and the medium-term gold price structure has not turned clearly bearish. The current short-term adjustment has not changed the medium-term bullish trend, so structurally, waiting for stabilization is recommended. (2) Focus on: US Treasury yields, US Dollar Index, geopolitical situation. (3) Resistance: 4450, 4480, 4500. (4) Support: 4420, 4400, 4380.