Spot gold: range-bound fluctuations, sell on rallies, buy on dips.

(1) Analysis: The gold price has fallen back to near the lower edge of the range. High oil prices are pushing up sticky inflation and the market expects continued high interest rates from the Federal Reserve, with about a 16% probability of a rate hike in October. The holding cost of non-interest-bearing assets has increased. The Federal Reserve sentiment index remains at a hawkish level of 127.51, and a relatively strong US dollar is suppressing prices. However, Iran has stated that it could extend the blockade to the Bab-el-Mandeb Strait and the Suez Canal, supporting safe-haven demand. In the short term, volatility is slightly weak, and beware of a downward breakout. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation (3) Resistance: 4160, 4200, 4230 (4) Support: 4100, 4080, 4050;