Gold

Key insight

4,616 is uncharted territory — no technical resistance exists above prior ATH ~$4,500; next magnetic level is $4,750 psychological round number. Momentum is strongly bullish but overbought risk rises on a second consecutive 2%+ day.

+2.17% surge to $4,616 marks a fresh all-time high, driven by USD weakness (EUR/USD 1.1678), safe-haven demand, and persistent central bank buying outpacing any rate-driven headwind.

Main risk

USD/JPY reversal — sudden yen bid

USD/JPY 159.0 holding near highs; a sharp BoJ-driven yen rally compresses gold's USD price — watch 155.0 on USD/JPY as trigger.