Spot gold: Range-bound trading, buy on dips, sell on rallies

(1) Analysis: The US October CPI increased by 0.4% month-on-month, core CPI by 0.3%, both exceeding expectations. Federal Reserve Governor Waller suggested a possible 50 basis point rate hike in December, raising the probability of a December rate hike to 91%. The upward expectation for US Treasury yields is putting pressure on gold prices. Gold prices have plunged from 4,125 to the lower edge of the 4,050 range. The 1-hour MACD is rebounding, but the momentum is insufficient; currently, the downward momentum has only weakened and is not yet reversing. Diplomatic easing between the US and Iran has reduced demand for safe-haven assets; in the short term, await confirmation of support levels. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation (3) Resistance: 4,060, 4,080, 4,100 (4) Support: 4,030, 4,000, 3,980;