Two structural headwinds: (1) Fed signaling a 2026 rate hike has pushed real yields higher — direct negative for non-yielding gold; (2) US–Iran peace agreement signed in Switzerland on 6/19 has compressed the geopolitical risk premium. GLD already broke down from 434 (5/12) to 384, lower highs intact (397 bounce on 6/16 failed). Community 1w 0-4 bearish aligns with fundamentals — going with the trend, not fading it. Expect a drift toward 375 support.