Analysis: Gold is trading in a short-term range, lacking a strong upward trend.

CITIC Futures analysis points out that gold prices were weighed down by two factors: firstly, the impending expiration of the temporary ceasefire agreement between the US and Iran, coupled with uncertain prospects for US-Iran negotiations, which weakened buying sentiment; and secondly, the tightening of market expectations for interest rate cuts due to Warsh's emphasis on maintaining the Fed's independence and low inflation during his hearing, and the better-than-expected rebound in March retail sales data. Firstly, the website of the US Senate Banking Committee shows that on April 21, Warsh, the nominee for Fed Chair, stated during his hearing that if appointed and head of the Fed, he would make independent monetary policy decisions, unaffected by any advice or pressure from Trump, and emphasized that low inflation is the Fed's shield. Secondly, US retail sales rose 1.7% month-on-month in March, exceeding the expected 1.4% and the previous value of 0.7%; core retail sales rose 1.9% month-on-month, also exceeding the expected 1.4% and the previous value of 0.7%. Supported by strong retail data, market expectations for Fed rate cuts further narrowed. Third, the temporary ceasefire agreement between the US and Iran is set to expire on April 22nd (Eastern Time). Trump has publicly stated that if the two sides cannot reach an agreement before the ceasefire expires, extending the ceasefire is "extremely unlikely." Iran has also stated its refusal to participate in a second round of negotiations with the US. The uncertain prospects for the negotiations have led to cautious buying sentiment in the gold market, with funds waiting for the situation to become clearer. (Jinshi)