Gold

Key insight

4,155 acts as near-term pivot — a close below 4,100 flips the short-term bias bearish; above 4,200 re-opens the run toward 4,300. Silver's sharp -1.9% underperformance suggests metals fatigue, not fresh downside momentum in gold itself.

Holds above 4,100 round-number support despite -0.64% pullback; structural uptrend intact with silver's -1.9% drop signalling rotation fatigue, not trend reversal.

Main risk

USD / Real-Yield Reversal

USD/JPY 157.5 and EUR/USD -0.2% signal dollar firmness; sustained DXY strength compresses gold's USD-denominated price toward 4,050 support.