Gold

Key insight

4,628 consolidates below all-time highs — pullback is orderly, not structural. Silver's sharper -1.8% drop signals short-term risk-off metals rotation, but gold's relative strength vs. equities rally keeps the bull case alive.

Holds $4,600 psychological support despite -0.5% pullback; structurally elevated well above 200-day MA near $3,800, confirming intact secular uptrend. USD softness (EUR/USD 1.1672) provides ongoing tailwind.

Main risk

Risk-On Equity Rally Crowding Out Gold

S&P 500 +0.4% to 7,684 and Nasdaq +0.8% drain safe-haven demand; sustained equity strength above 7,700 risks further gold outflows toward 4,500.