Gold

Key insight

$4,134 trades near all-time highs; shallow +0.46% gain on equity weakness confirms gold's defensive bid. Break above $4,200 round resistance opens $4,350 as next measured target.

Holds $4,134 with oil surging 1.4% and equities soft — classic safe-haven bid reinforces uptrend. 200-day MA sits far below at ~$3,200; structure intact above $4,000 psychological support.

Main risk

USD Reversal / Real Yield Spike

Surprise USD strength or 10-yr real yield spike above 2.5% could force a flush to $4,000 support quickly.