According to Investinglive analyst Justin Low, after Tuesday's sell-off, spot gold prices gradually recovered to the $3980-$3990 range, but current momentum seems insufficient to challenge the psychological level of $4000. From a macro perspective, key developments in the bond market this week warrant close attention. The 10-year US Treasury yield jumped to 4.16% yesterday, a one-month high. If the yield continues to climb towards 4.21%, it could further boost the US dollar, thus putting pressure on gold market sentiment. The bond market is clearly moving independently, and recent slightly better-than-expected US private sector economic data may influence the Fed's December decision. Currently, traders are pricing in a 61% probability of a 25 basis point rate cut in December, but this is by no means a certainty. Therefore, any adjustments in market pricing of rate cut expectations will have a crucial impact on gold in the coming weeks. Moreover, we are approaching the traditional seasonal bullish cycle for precious metals, from December to January. (Golden Ten)