Gold holds steady in early Asian trade. The yellow metal has now entered a medium-term bearish consolidation zone below $4,115 an ounce--the major 38.2% Fibonacci retracement of the rally over October 2023-January 2026, says Swissquote Bank's Ipek Ozkardeskaya in a note. This suggests that a deeper pullback is possible. The senior analyst expects gold bears to be targeting $3,680 an ounce. Still, gold remains an attractive asset for long-term investors, given that many central banks sold part of their gold holdings to offset the energy-price jump and will eventually need to replenish these reserves, she says. Spot gold trades flat at $4,008.01 an ounce. (megan.cheah@wsj.com)