Spot gold short-term trading advice: high-level consolidation, sell on rallies, buy on dips

（1）Analysis: Gold has retreated from its highs, mainly due to low liquidity and easing geopolitical tensions, which have weakened safe-haven demand. However, with US inflation moderating, market expectations for a Fed rate cut within the year have increased, and the decline in real interest rates provides medium-term support for gold prices. Although the US dollar has rebounded, it lacks a foundation for sustained strength. Currently, gold has entered a consolidation phase at high levels, with short-term volatility increasing due to technical corrections. As long as key support levels are not breached, the medium-term bullish structure remains intact. （2）Key focus: US Treasury yields, US Dollar Index, geopolitical situation, Federal Reserve meeting minutes. （3）Resistance: 4900, 4930, 4980. （4）Support: 4850, 4820, 4800.