Gold rose 0.46% to $4,310 — short-term headwinds persist, but structural demand support remains intact.
Bull case
- Structural central-bank demand intact (~244t Q1) (HIGH)
- Private investment demand +50% YoY in Q1 (HIGH)
- Reserve-diversification trend continues (MEDIUM)
Bear case
- Near-term dollar strength a headwind (MEDIUM)
- Post-NFP rate repricing weighs on sentiment (MEDIUM)
Levels that matter: Support $4,224 / Resistance $4,475.