Gold

Key insight

$4,121 tests the 20-day MA cluster near $4,100; a daily close below flips near-term momentum bearish and opens $3,950 (50-day MA). Risk-on equities flat, oil +0.4%, BTC -1.1% — rotation out of safe havens underway.

Drops 3.81% to $4,121 — largest single-day pullback since the $4,000 breakout, with silver falling 5.4% confirming broad precious-metals liquidation, not isolated noise.

Main risk

Dollar reversal & real-yield spike

EUR/USD -0.2% and USD/JPY +0.1% signal mild USD bid; a sustained DXY rally above 103 would accelerate gold's decline toward $3,950.