Gold

Key insight

$4,647 consolidates gains — bull trend intact above the 50-day MA near $4,420; a daily close above $4,700 opens a measured extension to $4,850 without needing a fresh macro shock.

Holds $4,647 after a historic run past $4,500 psychological resistance; real yields still negative on a forward basis and central bank buying underpins the secular bid.

Main risk

USD / Real Yield Reversal

USD/JPY at 159 and any Fed hawkish pivot could push 10-yr real yields above 2%, pressuring gold toward $4,420 50-day MA fast.