Gold

Key insight

4,341 holds as a bull-flag reset — break below 4,280 (prior breakout base) flips near-term bias; reclaim of 4,400 re-opens run toward 4,500 round number and all-time extension.

Pullback to 4,341 after Silver's -3.5% drop drags complex lower, but structural bull trend intact above 200-day MA ~3,900. Real-rate ceiling and central bank demand underpin dips.

Main risk

USD strength / Treasury yield spike

USD/JPY at 159.7 signals dollar resilience; a move back toward 161+ with yields rising would pressure gold toward 4,200 Fib support.