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

(1) Analysis Reason: Gold is currently fluctuating around $4,400. Strong US employment data has heightened expectations for Federal Reserve interest rate hikes, putting pressure on gold prices from the US dollar and US Treasury yields. However, escalating tensions in the Middle East continue to provide safe-haven support. If the US dollar weakens or inflation data cools, gold prices may gain rebound momentum, with short-term price action remaining range-bound. (2) Key focus: US Treasury yields, US dollar index, geopolitical situation, US CPI. (3) Resistance: 4,430; 4,460; 4,500. (4) Support: 4,380; 4,350; 4,300.