Gold

Key insight

$4,406 sits in consolidation after a historic run past $4,000; next decisive level is $4,500 psychological resistance — a weekly close above it opens $4,700. Pullback stays constructive while $4,300 holds.

Holds above $4,400 round number despite -0.54% pullback; USD/JPY dropping 1.2% signals renewed yen strength and risk-off bid that historically supports gold at elevated levels.

Main risk

Real yield spike on strong US data

Surging 10-yr real yields above 2.5% would pressure gold; watch Friday US CPI and any Fed hawkish pivot signal.