Spot gold: range-bound volatility, sell at highs and buy at lows

(1) Analysis: The strengthening of the US dollar, rising US Treasury yields, and increased expectations of a Federal Reserve rate hike are jointly suppressing gold. Although geopolitical risks still provide safe-haven demand, inflationary pressures brought by rising oil prices may reinforce expectations of high interest rates. Currently, gold has returned to range-bound volatility. Pay attention to the direction following the non-farm payroll data. If short-term volatility intensifies further, it is not ruled out that previous lows could be tested again. (2) Focus: US Treasury yields, US dollar index, geopolitical situation. (3) Resistance: 4350, 4400, 4430. (4) Support: 4260, 4230, 4200.