Just checked the tape again and spot gold is still clinging to $4,676/oz. After the recent leg higher it's not ripping but the bids aren't evaporating either.

The Iran conflict and the oil surge are keeping that persistent demand in place. You get a hint of diplomatic progress and some positions get trimmed, but overall the safe haven support is intact. Kitco showing the bid steady there this afternoon.

This isn't the clean melt-up we saw on the initial flare-up, but it's also not collapsing on the first signs of talks. Oil staying elevated keeps the inflation angle alive, which feeds right back into the gold case even if rate expectations are messy.

Here's what matters right now: if we see real de-escalation headlines, expect more profit taking and a test of lower supports. But any stall in diplomacy or fresh oil spike and this thing can reaccelerate fast. The positioning feels like a lot of traders are still hedging the tail risk rather than chasing the highs.

Been watching how gold refuses to fully give back the geopolitical premium. In a weird way the higher oil prices are creating their own floor here. What levels are you using for entries or stops? Anyone rotating out or adding on these dips?