$XAU Verdict:* Gold in late-cycle hiking correction — spot below SMAs bearish short-term, but futures premium +3.8% shows physical demand. Support $4,285 pivotal, $3,990 rising trendline = buy zone. Resistance $4,304 SMA then $4,519. Watch Fed speak & NFP.

Long-term structural uptrend +13.95% 1Y intact despite -20% from Jan ATH.
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