Gold broke out sharply — GLD +~7% in three sessions to 398 (series high) — on geopolitical tension, persistent central-bank buying and flight-to-safety flows, with JPMorgan targeting much higher gold in 2026. The decisive close at new highs typically sees momentum follow-through over the next week, so I expect continuation. Risk: a +7% spike leaves it overbought and vulnerable to a pullback if risk-on equities keep pulling flows away.