Spot gold: Fluctuating downward, sell on rallies

(1) Analysis: The decline in oil prices eases inflation and tightening headwinds. Gold rebounded from $3,990 to $4,010, ending a two-day losing streak. However, comprehensive CTA short positions limit upside potential. The probability of an interest rate hike before the end of the year remains high. The Federal Reserve's decision to hold rates on Wednesday is already fully priced in, making it difficult for gold to get additional bullish momentum. Gold prices are fiercely contested near the $4,000 mark, awaiting clear direction after the Fed’s interest rate decision. (2) Key focus: U.S. Treasury yields, U.S. Dollar Index, geopolitical situation. (3) Resistance: $4,020, $4,060, $4,100. (4) Support: $3,980, $3,950, $3,900.