Gold

Key insight

4,363 holds as session low — -0.34% pullback is corrective noise, not reversal. Next resistance at 2026 swing high ~4,450; break targets $4,600 psychological round. Equity rally (+0.7% SPX) mildly competes for safe-haven flow but gold's structural bid remains intact.

Holds $4,363 after a historic run above $4,000; structural bid from central bank buying and geopolitical hedging keeps dips shallow, with 50-day MA near $4,180 acting as firm floor.

Main risk

Equity rally sapping safe-haven demand

SPX +0.7% and Nasdaq +1.1% today redirect capital away from gold; sustained risk-on above SPX 7,700 could pressure gold toward $4,280 support.