[MARKET UPDATE] DXY continues to rise as bonds pull back, spot gold wane in tandem after testing highs just above USD 4,600/oz, equities stable; news flow light

Sessions of this shape, dollar bid, bonds offered, gold fading a test of round-number highs while equities hold, have tended to signal a rates-led rather than risk-led move: the dollar strength tracks rising yields, and bullion's retreat is the mirror image of the higher real-rate discount applied to a non-yielding asset that has just probed a psychological level. Failed first tests of big round numbers in gold have historically drawn profit-taking from trend-followers before any sustained follow-through, with the metal's behaviour at the level on a second approach the more informative signal. The DXY's advance with equities stable distinguishes this from haven episodes, where dollar strength has typically come with equity softness and yield declines rather than rises. With news flow light, moves of this kind have often proved positional and prone to partial retracement once a catalyst arrives, so the tells are whether the bond selloff extends into the next session's supply and data calendar and whether gold holds prior breakout support rather than the level it failed. Correlations between the dollar and yields on quiet days have tended to mean-revert faster than those driven by scheduled events.