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(1) Analysis: The US Dollar Index and US Treasury yields remain strong, limiting the rebound space for gold prices. The uncertainty of geopolitical situations has further weakened the support for gold prices, and in the short term, gold is once again at the lower edge of the range. The market is currently waiting for US PCE data to determine the direction of the Federal Reserve’s policy. In the short term, gold maintains a range-bound pattern, with the technical structure showing a possibility of downward breakout. Waiting for directional choice.(2) Key focus: US Treasury yields, US Dollar Index, geopolitical situation, US PCE price index(3) Resistance: 4450, 4480, 4500(4) Support: 4400, 4380, 4350

(1) Analysis: The situation in the Middle East remains tense, and transportation risks in the Strait of Hormuz are supporting oil prices. The continuous decline in U.S. crude oil inventories further reinforces expectations of tight supply. In the short term, WTI is fluctuating above $90, with the market awaiting EIA data and U.S. inflation figures for guidance. Technically, the overall trend is volatile.(2) Key points to watch: Geopolitical situation, inventory data, U.S. Dollar Index, U.S. PCE Price Index(3) Resistance: 90.50, 91.20, 92.00(4) Support: 90.00, 89.00, 88.00

Precious metals futures continued to weaken, with Shanghai silver futures falling nearly 5%. Rising tensions between the US and Iran have sparked concerns about rising inflation. Institutional opinions point out that, in the short term, there is a lack of trend-driven upward momentum and market confidence is fragile, so gold and silver may continue to fluctuate at low levels.