Gold's week: a sharp technical break, with most published research leaning tactically bearish but structurally constructive.
Multiple research notes flagged that gold sliced below its 200-day moving average, weighed down by higher real yields, a firmer dollar, ETF outflows, and reported emerging-market central bank selling to raise cash after the Middle East energy shock. Several technicians pointed to $4,100 as the line in the sand, with downside targets clustered around $3,500–$3,600 if it breaks. One thread argued gold is trading like a risk asset and needs a speculative flush before reclaiming its safe-haven role.
Strategically, the tone stayed bullish across most desks: continued central bank reserve diversification away from Treasuries, deficit and debasement concerns, and underinvestment in mining supply. One published call put gold at $6,500/oz over the next year on sticky 6–7% inflation. Late in the week, several analysts shifted toward viewing the selloff as a base-building pullback rather than a trend break, eyeing re-entry near $4,000.