Massive volatility overnight with futures contracts capitulating. Gold fell after four straight rallies as traders weigh Middle East escalation and prospects for stronger dollar.

Futures accelerating lower on reports of drones striking near US embassy in Saudi Arabia, pulling Saudi into widening conflict. Oil prices hit $85/barrel (Brent) first time since July 2024.

April gold had wide overnight range ($5081-$5394). When escalation peaked around midnight, futures markets started to crumble and sell off aggressively.

Position sizing paramount in volatile markets. Silver futures in price discovery phase rather than trending, looking for footing before next leg higher or lower.

Stock futures hammered overnight: S&P 500 down 1.6%, NASDAQ down 2%, Russell 2000 down 2.5%, Dow down 1.7%. Emerging markets slipping 5% overnight.

We're on stagflation watch: rising inflation, declining growth. Rate cut expectations dialed back: March 2.7%, April 11%, June 31%, September still fully pricing cut.

WTI crude pushing up 8% to 77.14. European stocks headed for biggest two-day drop since April turmoil. Asia-Pacific index dropping 3.3%, South Korea's KOSPI plunged 7.2%.