Spot gold short-term trading advice: range-bound oscillation, sell on rallies, buy on dips

（1）Analysis: The US PPI was lower than expected, leading the market to further reduce the probability of a Federal Reserve rate hike in July. The pullback in the US dollar and US Treasury yields provides support for gold. However, rising oil prices driven by Middle East tensions may cause inflation expectations to rebound and limit easing expectations. In the short term, gold prices are expected to maintain a range-bound trend, with attention on the breakout situation near $4,060. （2）Key Focus: US Treasury yields, US dollar index, geopolitical situation （3）Resistance: 4060, 4080, 4100 （4）Support: 4020, 4000, 3980;