Gold

Key insight

$4,302 sits just below the 10-day MA at $4,320 — holding above $4,250 (50-day MA) is critical; a close below flips short-term trend bearish and targets $4,180 swing low.

Pulls back 1.3% to $4,302 after multi-month rally; 10-day MA near $4,320 capped recovery attempts while USD index firms, capping further upside near-term.

Main risk

USD Rebound / Real Yield Rise

USD/JPY at 158.0 and EUR/USD -0.4% signal broad USD strength; rising real yields compress gold's non-yielding appeal toward $4,180.