Spot gold short-term trading strategy: range-bound oscillation, buy on dips, sell on rallies

(1) Analysis: The situation in the Middle East continues to support safe-haven demand, but rising expectations of a more hawkish Federal Reserve, along with high U.S. Treasury yields and the strong U.S. dollar, are limiting further upside for gold. The market is currently awaiting developments in the U.S.-Iran situation and the Federal Reserve's policy direction. In the short term, gold prices have entered a high-level consolidation phase and are expected to remain volatile.(2) Key focus: U.S. Treasury yields, U.S. Dollar Index, geopolitical developments, U.S. PPI.(3) Resistance: 4,550; 4,580; 4,600(4) Support: 4,500; 4,480; 4,450