Spot gold short-term trading recommendations: range-bound operations, sell on rallies, buy on dips

(1) Analysis: Tensions between the US and Iran are supporting safe-haven demand, but rising energy prices are pushing up inflation expectations, strengthening expectations that the Federal Reserve will maintain high interest rates. The US dollar and US bond yields are exerting downward pressure on gold prices. The market is focused on the US June CPI and remarks by the Federal Reserve Chair. In the short term, gold may continue volatile and relatively weak performance. (2) Key points to watch: US bond yields, US Dollar Index, geopolitical situation (3) Resistance: 4050, 4080, 4100 (4) Support: 3980, 3950, 3930;