Spot gold: range-bound fluctuation, sell on highs, buy on lows

(1) Analysis: The US Dollar Index remains around 101, with US Treasury yields rising to approximately 5.2%. Market expectations for further Federal Reserve rate hikes are increasing, putting significant bearish pressure on gold. However, after a sharp decline, gold prices are approaching the oversold zone, creating a short-term technical rebound demand, but the overall downward trend remains, with the focus on waiting for a resistance test. (2) Key areas to watch: US Treasury yields, US Dollar Index, geopolitical situation. (3) Resistance levels: 4160, 4200, 4230. (4) Support levels: 4100, 4080, 4050.