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

(1) Analysis: The strengthening of the US dollar and expectations of further interest rate hikes by the Federal Reserve continue to put pressure on gold. US Treasury yields remaining at high levels also limit safe-haven buying. However, after a continuous decline, gold prices are approaching the $4,200 support level, and there is a technical need for a correction. In the short term, expect range-bound consolidation with a slight bearish bias. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation (3) Resistance: 4,260; 4,300; 4,330 (4) Support: 4,200; 4,150; 4,100;