Gold holds above a key demand zone as real yields ease

Price continues to respect the demand shelf established after the prior impulse leg. As long as four-hour closes hold above that shelf, the path of least resistance remains higher and pullbacks are best treated as positioning opportunities rather than trend failure.

Momentum has cooled from overbought territory without a bearish divergence forming, which historically accompanies continuation rather than distribution. Volume profile shows acceptance inside the upper value area.

Invalidation is clean: a sustained daily close beneath the shelf would shift the bias to neutral and open a rotation back toward the mid-range. Risk should be defined before entry, never after.