Spot Gold: Range-Bound Trading, Buy on Dips, Sell on Rallies

【Spot Gold: Range-Bound Trading, Buy on Dips, Sell on Rallies】

(1) Analysis Rationale: U.S. October CPI rose 0.4% month-over-month, with core at 0.3%, both exceeding expectations. Fed Governor Waller suggested a possible 50-basis-point rate hike in December, with the probability of a December hike rising to 91%. Expectations of higher Treasury yields are pressuring gold prices. Gold fell sharply from 4125 to the lower bound of the box range at 4050. The 1-hour MACD is recovering, but rebound momentum is insufficient; this only indicates weakening downside momentum, not a reversal. Easing U.S.-Iran diplomatic tensions are reducing safe-haven demand, with short-term support awaiting confirmation.

(2) Key Focus: Treasury yields, U.S. dollar index, geopolitical situation

(3) Resistance: 4060, 4080, 4100

(4) Support: 4030, 4000, 3980;