XAUUSD CL1! US10Y US30Y MAGS DXY

Gold tends to show strong positive correlations to risk assets when a crisis hits, and then decouples at some point and outperforms thereafter. The Iran conflict still has a very large effect on gold's path, as a continued conflict will keep oil prices elevated, and therefore inflation and inflation expectations elevated, which leads to higher long-end yields, a selloff in long-duration assets such as the Magnificent 7, and a stronger dollar as deleveraging progresses. Both higher yields and a stronger dollar do not bode well for a bullish gold thesis.