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

(1) Analysis: The weakening US dollar and safe-haven demand from the Middle East are supporting gold to remain above $4,400, but rising oil prices are boosting inflation expectations. The increase in US Treasury yields and expectations of a Federal Reserve rate hike continue to exert pressure. Before the release of PPI and CPI data, gold prices are expected to remain volatile within a wide range. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation, US CPI. (3) Resistance levels: 4,450; 4,480; 4,500. (4) Support levels: 4,400; 4,350; 4,320.