Trump's comments that the Iran conflict could be over soon are shifting risk tone in markets. Crude oil's whipsaw is fading, equities are bouncing, and the metals complex is recalibrating.

Don't mistake gold's consolidation for weakness. It's holding up well during a risk-on turn. A close above 5220 could open door to 5320 and 5450. 5000 is a good long-term support level.

Copper is caught between bullish structural fundamentals (AI, energy transition, supply deficits) and bearish near-term macro risk from Iran. With the conflict fading, copper futures shot back up to 590.

Oil is extending declines after Trump's comments sparked optimism. WTI crude, which hit $119, is back around $89-$90 with support at $84.

Risk-on comments lead people to take off defensive positions like long gold and go into Bitcoin or US equities. The dollar index is coming off as well.

Rate cut expectations have come off the board globally due to rising inflation (energy prices) and declining growth, creating a stagflation theme. First Fed cut is priced for September.

The dollar index is declining, currently at 9871. 10-year Treasury yields hit 4.22% then reversed with Trump's comments, now back at 4.12%. Might get to 4.04-4.08 but unlikely below 4%.

VIX got to 28, now at 23.5. 30 indicates absolute panic. Monitoring Bitcoin for potential breakout above 75,000.