Gold

Key insight

4,587 consolidating near ATH — failure to reclaim 4,600 round number this week keeps short-term bulls cautious, but trend structure above 4,500 and 50-day MA near 4,420 favours dip-buyers over sellers.

4,587 holds above the 2026 bull trend — momentum remains intact despite a -0.31% pause. No breakdown below 4,500 key round support; structural uptrend from 3,200 early-2026 lows continues.

Main risk

USD rebound / real yield spike

Dollar strength — EUR/USD at 1.1649 steady but any hawkish Fed signal could lift DXY sharply, pressuring gold below 4,500 round support.