Spot gold: range-bound oscillation, sell on rallies, buy on dips

(1) Analysis reason: Gold rebounded after finding support near $4,380, but the upside is limited by the strong dollar, high U.S. Treasury yields, and rising expectations of a Federal Reserve rate hike. The Middle East situation provides safe-haven demand, while the approaching U.S. employment data keeps the market cautious. In the short term, gold remains in a consolidation range, waiting for a directional choice after the data is released.(2) Key focus: U.S. Treasury yields, U.S. dollar index, geopolitical situation(3) Resistance: 4,430; 4,450; 4,480(4) Support: 4,400; 4,380; 4,350;