Spot gold: Range-bound, sell on rallies, buy on dips

(1) Analysis rationale: The US Dollar Index remains strong, the US 10-year Treasury yield once rose to 5.04%. Coupled with market bets on a Federal Reserve rate hike, gold is under pressure below $4,300. Before the Federal Reserve decision is announced, safe-haven demand provides support. In the short term, gold is expected to fluctuate within a range, waiting for the market event to materialize. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation, Federal Reserve interest rate decision. (3) Resistance levels: 4,330, 4,360, 4,400. (4) Support levels: 4,280, 4,250, 4,220.