Gold

Key insight

4,336 holds as new support; break above 4,400 round number opens run to 4,500. Nasdaq -1.3% and S&P -0.4% today lift haven demand — gold's -0.28% drift is a healthy consolidation, not a reversal.

Holds $4,336 after a historic run above $4,300 — structurally bullish with oil at $99 signalling inflation risk; USD/JPY at 154 keeps safe-haven demand firm despite mild USD strength today.

Main risk

USD Rebound / Real Yield Spike

EUR/USD -0.2% and USD/JPY +0.3% today show dollar recovering — sustained USD strength cuts gold's appeal and could crack 4,280 swing support.