Gold Intelligence Report

Gold consolidates at $4,095.70/oz, 27% below the January ATH. Central bank buying provides a structural floor at $3,800-4,000; ETF outflows and a hawkish Fed cap near-term upside. The market is in a strategic accumulation zone for buyers with a 12-24 month horizon. Near-term, expect rangebound trade with a modest upside bias as physical and official demand absorb available supply.