Wednesday's session in markets was dominated by oil, and the move was significant. WTI crude broke below $70 for the first time since before the Iran conflict began, as tanker traffic through the Strait of Hormuz accelerated and President Trump confirmed Iran would impose no tolls on vessels using the waterway. Oil has now shed roughly 40% from its wartime peak, and the structural support zone that had held crude near $72-$73 throughout this week has been broken. That is not a reversal signal - it is a structural shift, and traders who positioned short on the bounce into $73 earlier this week captured a substantial portion of the day's move.
Gold held the $4,050 floor by the narrowest of margins, closing near $4,063 as the dollar index pushed to 13-month highs near 102. Silver was not so fortunate - the year-low at $61.01 broke cleanly in London hours and the metal reached $58 before finding tentative support. GBP/JPY hit 213.00, the target called in this morning's briefing from a 214.50 entry. USD/JPY continues to hold 161.50 without intervention.
The overnight focus falls squarely on Micron's earnings, due after the US close. Silver and Nasdaq-correlated instruments will follow the guidance tone. Then tomorrow brings May PCE - the number that will either cement September rate hike pricing and send gold toward $4,000, or provide the first genuine fundamental basis for a precious metals recovery. Both outcomes are entirely plausible, and the full evening briefing sets out exactly which levels to watch for each scenario and how to position for both in tonight's Asian session and tomorrow's London open.