- Gold has slid about 25% from its January peak and is trading near $4,188/oz, leaving it vulnerable around the $4,000 mark as a stronger dollar and U.S. rate‑hike bets weigh.
- The earlier rally was fuelled by the Iran conflict and rising oil — so any easing in geopolitics or a drop in oil could spark a quick rebound.
- A key technical shift (price below the 200‑day moving average), ETF outflows and soft physical demand (notably in India) point to short‑term downside pressure.
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