Gold

Key insight

4,432 holds above the rising 50-day MA (~4,280); dip-buyers active. Break below 4,350 round support would signal short-term trend shift; above 4,500 re-opens all-time high extension.

Pulls back 0.9% to 4,432 after record run — structural bull trend intact; 200-day MA near 3,800 offers massive upside cushion and central bank buying remains the dominant floor.

Main risk

USD / Real-Yield Spike

USD/JPY +0.3% to 156.3 signals dollar firmness; a rapid rise in 10-yr real yields above 2.5% could pressure gold below 4,350.