Gold

Key insight

4,388 probes all-time territory — hold above 4,350 (10-day MA) keeps the bull trend intact; a daily close above 4,400 opens a measured extension toward 4,500.

4,388 holds above the psychologically key 4,400 test — silver +2.1% confirms metals bid; USD/JPY -0.6% softens dollar, amplifying gold's safe-haven and real-rate appeal.

Main risk

Equity rally crowding out safe-haven flow

S&P 500 +0.9% to 7,663 signals risk-on; sustained equity gains drain defensive demand and could trigger gold profit-taking near 4,400.