Spot gold short-term trading advice: trending upwards, buy on dips

(1) Analysis rationale: The weakening of the US dollar and the US Treasury expanding long-term US bond buybacks have pushed gold prices to new highs. The retreat in US bond yields continues to reduce the cost of holding gold, but after a rapid rise in gold prices, there is short-term overbought risk. Meanwhile, the situation in the Middle East and energy prices may still push up inflation, limiting room for the Federal Reserve to shift its policy. The likelihood of gold accelerating higher in the short term is not great; a main trend of fluctuating upward is expected. Continue to watch changes in the US dollar index and US bond yields. (2) Key focus: US bond yields, US dollar index, geopolitical situation. (3) Resistance: 4650, 4700, 4750. (4) Support: 4600, 4560, 4520.