Gold

Key insight

4,635 holds as near-term pivot — a close above 4,680 (recent swing high) re-opens 4,800; a break below 4,580 (50-day MA) would flip short-term momentum bearish and trigger stop-outs.

Holds above $4,600 psychological support after a -0.36% pullback; structural uptrend intact with silver's -1.6% drop flagging short-term momentum fatigue but not a trend reversal.

Main risk

USD/JPY Yen Weakness Reversal

USD/JPY at 159.4 keeps dollar bid; a sharp yen recovery would strengthen USD and pressure gold below 4,580 (50-day MA).