Spot gold: fluctuating downward, short on rallies

(1) Analysis: The pullback of the US dollar, coupled with a slight weakening in US Treasury yields, provides support for gold prices. Central bank gold purchases form medium- to long-term support, and the previous decline may have been excessive. However, expectations for Fed rate hikes continue to put pressure on prices. Technically, gold is consolidating and forming a bottom at a low level, with the possibility of a short-term oversold rebound, pending stress testing. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation (3) Resistance: 3960, 3980, 4000 (4) Support: 3900, 3870, 3850;