XAU/USD

Gold ended last week higher and continues to behave like the cleanest hedge on the board. The metal has now printed six consecutive weekly closes above its 20-week average, and pullbacks have been shallow — the deepest drawdown in the last quarter was under three percent.

Central bank buying remains the structural bid, and the softer real-yield backdrop gives the model room to extend the twelve-month path well above spot. The near-term picture is less exciting: with the daily range compressing around $4,390, a breakout above $4,456 is the trigger our system needs before it upgrades the short-horizon signal.