Spot gold short-term trading recommendation: range-bound adjustment, sell on rallies

(1) Analysis: The US Dollar Index remains high and US Treasury yields are strong, which puts pressure on gold. At the same time, expectations of the Federal Reserve maintaining rates reinforce this pressure, weakening the appeal of non-interest-bearing assets. Geopolitical risk support is marginally diminishing, and technically, gold has faced resistance after rising and is now pulling back, forming a short-term weak and volatile structure.(2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation(3) Resistance levels: 4650, 4680, 4700(4) Support levels: 4600, 4560, 4520