GOLD (XAUUSD)

My take:

Gold has done exactly what it’s supposed to do.

This is a textbook fear / uncertainty trade:

> USD weakness

> Geopolitical risk

> Crowded safe-haven positioning

The trend is undeniably strong, but it’s also getting extended. I’m not chasing gold here. I’m viewing it as a hedge that’s already paid, not a fresh asymmetric bet.

If uncertainty cools even slightly, gold doesn’t need to crash — it just needs to go sideways. And that’s usually when capital starts looking elsewhere.