That said, I’m not bearish on gold structurally. Rising oil prices and geopolitical tensions are rebuilding the inflation narrative, which supports gold over time. This is a push-pull between higher real rates short term and inflation risk in the medium term, and I’m watching how gold holds the $4,700–$4,800 range.
From a positioning standpoint, I’m staying selective—avoiding high-beta plays like $VanEck Gold Miners ETF(GDX)$ and leveraged products. If rates stabilize or roll over, gold can regain momentum, but for now, consolidation under pressure feels more likely before the next move higher.
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