Gold

Key insight

4,428 consolidates below the 4,450 short-term resistance; a daily close above flips momentum toward 4,600. Downside contained by 4,350 prior breakout shelf — trend buyers active on dips.

4,428 holds above the rising 50-day MA near 4,280 after a multi-month breakout above 4,000 round number; structural uptrend intact despite today's -0.6% pause.

Main risk

USD revival / real-yield spike

Surprise US data strength could lift 10-yr real yields above 2.5%, pressing gold back through 4,350 support rapidly.