Gold

Key insight

$4,339 holds as equity rally and oil drop (-3.2%) compress safe-haven demand short-term. Bull thesis intact above 50-day MA ~$4,200; next breakout targets $4,500 round number, then $4,650 measured extension.

Holds $4,339 after a historic run; structural bid from central bank diversification and real-rate compression keeps dips shallow. No sustained breakdown below $4,200 50-day MA despite broad risk-on equity surge.

Main risk

USD / Real Yield Spike

Surprise jump in 10-year real yields above 2.5% would pressure gold. Watch $4,200 50-day MA as the line in the sand for longs.