Gold's rebound has technical and macro confirmation behind it, but whether it extends toward 4,500 depends on three interlinked markets — Brent crude, US Treasury yields, and Fed rate expectations — all still hinging on whether Strait of Hormuz negotiations produce a durable breakthrough.

Weak US ADP employment data (44k, well below expectations) reinforced the market's already-building conviction that the Fed has room to hold rates, a narrative driven primarily by growing optimism that the Strait of Hormuz could reopen soon and ease energy-driven inflation risk.

AUD/USD is rallying on improving risk sentiment and a softer Dollar, but the same falling oil prices driving that optimism are also weakening two of Australia's own fundamental supports — explaining why the pair has lagged the broader market risk momentum.