Spot gold: range-bound fluctuations, sell on rallies, buy on dips

(1) Analysis: The US dollar and US Treasury yields have declined, and the market has once again lowered its expectations for a Fed rate hike in September, providing short-term support for gold. After a rapid rebound in gold prices from around $4,300, bullish momentum has strengthened, but there is still resistance above $4,500. In the short term, it is necessary to wait for the release of US non-farm payroll data to determine the next direction; if gold returns above $4,500, it is expected to rise further. (2) Key focuses: US Treasury yields, US Dollar Index, geopolitical situation, US non-farm payroll data. (3) Resistance: 4,500; 4,520; 4,560. (4) Support: 4,450; 4,420; 4,400.