Spot gold: Oscillating upward, buy on dips

(1) Analysis reasons: Gold is fluctuating around $4,600, with US Treasury yields and the US dollar weakening recently. Fiscal risks and safe-haven demand continue to provide support. The Federal Reserve's policy still carries hawkish risks, and sticky inflation limits expectations for interest rate cuts, which may lead gold prices to oscillate at high levels. The bullish technical structure remains intact; in the short term, due to technical indicators being oversold, a correction is needed, and it is advisable to wait for stabilization. (2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation, Jackson Hole Symposium (3) Resistance: 4,600; 4,650; 4,700 (4) Support: 4,550; 4,520; 4,500;