Gold

Key insight

$4,600 is the line — bulls need a daily close above to confirm extension toward $4,750; failure re-opens $4,480 50-day MA. Silver outperforming (+2%) confirms metals complex strength.

Holds $4,599 near all-time highs as real yields stay negative and central banks maintain broad easing bias — structural bid intact despite flat 24h session.

Main risk

USD/JPY surge above 160 reigniting USD bid

USD/JPY at 159.6 and rising — a break above 160 historically triggers dollar strength that pressures gold spot by 1–2% within days.