Gold

Key insight

$4,348 sits between the $4,300 round-number floor and $4,400 ceiling — a directional break of either level determines the next $150 move. USD/JPY creeping to 154.2 is the session headwind; watch for equity stabilisation to reset gold's safe-haven bid.

Pulls back 1.2% to $4,348 after failing to hold above $4,400 round-number resistance; silver's -4.1% drop signals risk-off metals selling, but oil +4% keeps inflation premium alive.

Main risk

USD strength / real yield spike

USD/JPY at 154.2 and risk-off equity selling (-1.3% Nasdaq) lift real yields, pressing gold below the $4,300 round-number support.