Spot gold: Fluctuates downward, sell on rallies

(1) Analysis: Geopolitical risk premium is rising, with high oil prices intensifying concerns over energy-driven inflation. This increases pressure on the Federal Reserve to further tighten monetary policy, weighing on gold prices. Gold has broken through the support level formed earlier this month, with technical indicators accelerating to the downside, hitting a more than two-month low. After falling below the 4000 US dollar mark, there is a risk of further downward momentum, so caution is advised against a downside breakout. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation. (3) Resistance: 4020, 4060, 4100. (4) Support: 3980, 3950, 3900.