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

(1) Analysis: The US Democratic Party has won the majority in both houses and opposes the $1.5 trillion defense budget, preferring to reduce it to around $1 trillion. Expectations for the end of the US-Iran conflict are rising. In October, non-farm payrolls increased by 165,000, far exceeding expectations, with the unemployment rate falling to 4.1%. The probability of a rate hike in December has risen to 79.6%. The US dollar and US Treasury yields have strengthened, putting pressure on gold prices. The daily chart still reflects an oversold rebound and has yet to break through the 4180–4200 box resistance, so maintain a range-bound view in the short term.(2) Key focus: US Treasury yields, US dollar index, geopolitical situation.(3) Resistance: 4150, 4200, 4230.(4) Support: 4100, 4060, 4000.