Spot gold: fluctuating upward, buy on dips

(1) Analysis reasoning: US Federal Reserve Chair Kevin Walsh released a hawkish signal, leading the market to significantly raise expectations for a rate hike in September. A stronger US dollar has put short-term pressure on gold. However, rising tensions between the US and Iran, along with market concerns over fiscal risks and safe-haven assets, mean that on a technical level gold prices are still in a post-breakout adjustment phase. In the short term, prices have not yet fallen below medium-term bullish support, so it is mainly a wait-and-see for stabilization. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation. (3) Resistance: 4600, 4650, 4700. (4) Support: 4550, 4520, 4500.