Initial pop to $5400, then pressure and profit-taking. Gold playing its typical role in high-risk events: liquidity needs and margin calls pressure prices. Physically backed ETFs seeing hefty liquidations (~30 tonnes). Positioning was at record highs; ~60 tonnes was loss-making after January correction, not all flushed out. Could remain under pressure for up to a month.

Provides detailed data on ETF flows and positioning to explain price action.

Initial support around $5000/oz, then closer to $4850 (50-day moving average). Downside support kicks in where physical buying is active, but currently in seasonal slow period.