Gold gives back the conflict bid: $4,303 and the support lines that matter

Gold sits at $4,303.10 heading into Friday, down 2.75% from last Friday's $4,424.90 close, as the conflict premium earned in the middle of September mostly unwound into a higher-for-longer rate repricing. Silver followed to $64.07, off 3.8%, and the gold/silver ratio firmed to about 67.2 as the industrial metal lagged its yellow cousin. The pullback reads as orderly rather than a flight: gold still sits several hundred dollars beneath its 52-week high of $5,586.20, leaving room for a fresh risk bid if the Hormuz or Odesa dislocation re-escalates. The pullback extends the fade we mapped when Gold tests its 20-day mean as the conflict bid fades into a higher-for-longer repricing .

Key Takeaways…