Spot gold: Range-bound fluctuations, sell on highs, buy on dips

(1) Analysis Rationale: Spot gold rebounded to around $4,170 during the Asian session. The US Dollar Index and US Treasury yields retreated simultaneously, and CTA short covering provided short-term support. However, on the daily chart, prices are still running below the 100-day moving average and the middle Bollinger band, with the bearish structure remaining intact and clear selling pressure above $4,200. Tonight, remarks by Federal Reserve Chairman Waller are a key variable. If the tone is dovish, gold prices could test $4,200; if hawkish, prices might pull back below $4,130. In the short term, maintain a range-bound strategy. (2) Key Focus: US Treasury yields, US Dollar Index, geopolitical situation. (3) Resistance: $4,200, $4,230, $4,260. (4) Support: $4,100, $4,080, $4,050.