Gold

Key insight

$4,200 round-number support lost intraday — bulls must defend the 21-day MA near $4,160 or risk a deeper flush toward the 50-day MA at $4,050. USD/JPY +0.3% adds headwind.

Drops 2% to $4,199 — sharpest single-session pullback since July; silver -3.5% confirms broad precious-metals liquidation, not a gold-specific break.

Main risk

USD/JPY squeeze above 158

USD/JPY at 157.7 and rising; a break above 158 historically compresses gold 1–2% in 24–48 hrs via dollar strength.