Metals

Base into some big technical levels with fast money shorts established across majority amid some consumer and China buy interest. Also arb unwinds providing support. Jury out. Tin best illustration of immediate market indecision. Vol under the hammer

A far more broad-based sell off yesteday as DJT signals further action likely against Iran. Surprisingly gold coming under the most pressure and a big pick up in options interest. Silver more muted even tho desk of opinion under the greater threat.

Further price pressure amid a predominance of CTA sell progs. Some gamma support slows downside with implied vol under the hammer. Although noticeably lack of any real consumer flow as yet. US session key with CPI release.Risk reduction abounds.