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

(1) Analysis: The US 10-year Treasury yield previously surpassed 5%, combined with rising energy prices which strengthen inflation and interest rate pressures, placing short-term pressure on gold. With the Federal Reserve policy meeting approaching, if yields remain high, gold prices may continue to face downside pressure, but safe-haven demand can provide some support. In the short term, the price is expected to fluctuate within a range, awaiting a clear direction.(2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation(3) Resistance: 4330, 4360, 4400(4) Support: 4280, 4250, 4220;