Spot gold: fluctuating downward, sell on rallies

(1) Analysis rationale: The decline in oil prices has eased inflation concerns, and expectations for a Federal Reserve rate hike in December have slightly cooled. In addition, the approaching U.S. midterm elections have led to safe-haven buying, causing gold prices to rebound from their lows. However, the price remains under pressure below the 100-day moving average, and the overall bearish structure has not changed for now, so focus remains on testing resistance levels. (2) Key focus: U.S. Treasury yields, U.S. dollar index, geopolitical situation (3) Resistance: 3960, 3980, 4000 (4) Support: 3920, 3900, 3860;