Oil (Primary Macro Driver)
- Brent: ~$110–117
- WTI: ~$103–105
Gold
- ~$2,300 (range-bound to slightly weaker)
Macro Role
Oil
- Driving:
- Inflation expectations
- Bond yields
- Equity risk sentiment
Gold
- Acting as a partial hedge
- Facing headwinds from elevated real yields
➡️ Current hierarchy:
Oil > Rates > Equities