Spot gold short-term trading suggestions: cautiously short at highs

1. Analysis: The clashes between Iran and the United States intensified on Thursday, with a week-long escalation rendering last month's ceasefire agreement virtually obsolete. Several Federal Reserve officials delivered hawkish speeches, providing support for the US dollar. After the gold price fell below the 4000 mark, technical indicators for bearishness increased. 2. Attention: Further developments in the Middle East situation, US June new home construction data, preliminary value of the University of Michigan Consumer Sentiment Index for July in the US, speeches by Federal Reserve officials, and changes in expectations for Fed rate hikes. 3. Resistance: 3996; 4016; 4027 4. Support: 3960; 3940; 3916