Spot gold short-term trading recommendation: cautiously buy on dips

1. Analysis: Iran has privately softened its stance on demining. On Tuesday, Qatar stated that mediators have made progress in efforts to end the US-Iran conflict, and US Treasury Secretary Benson said an agreement may be finalized within two days. Brent crude oil futures have plummeted nearly 12% over the past two days, alleviating inflation concerns and easing pressure from Fed rate hikes, which tends to support gold prices.2. Focus: Developments in the Middle East situation, US July ADP employment change, US July ISM Non-Manufacturing PMI, speeches by Fed officials, and changes in Fed rate hike expectations.3. Resistance: 4106; 4120; 4160;4. Support: 4077; 4060; 4043