Yesterday, stock indices closed mixed. The S&P 500 rose by 0.01%, while the Nasdaq 100 added 0.17%. The Dow Jones Industrial Average, however, fell by 0.42%.

Despite uncertainty in equity markets, the record rally in commodity prices continued to accelerate. Gold, copper, and silver hit historic highs amid dollar weakness and rising geopolitical tension. Gold rose by 2.7% to $5,564 per ounce, bringing its gain for the month to roughly 29%. Silver extended its rally this year to 66%, after climbing by 148% in 2025. Copper jumped by 7.9%, and Brent crude reached its highest level since September. All these assets are dollar?priced, so they benefited from a weaker greenback.

US Treasuries fell on concerns that rising commodity prices and a softer dollar would exacerbate inflation. Market tensions intensified after President Donald Trump warned Iran it must strike a nuclear deal with the US or face military strikes more serious than the one he ordered in June last year. Iran refused to enter talks, which only worsened the situation.

Lack of progress in negotiations and Iran's build?up of nuclear capacity create a sense of escalation fuelled by mutual threats and mistrust. The impact on the oil market is obvious. Investors fear supply disruptions through routes that carry key oil flows. Any military confrontation could block the Strait of Hormuz, inevitably triggering a spike in oil prices and hurting the global economy. While the international community calls for restraint and renewed diplomacy, the record shows how rarely US policy is guided by global consensus.

Amid mounting geopolitical uncertainty and mixed financial results from tech companies, markets favor selective positioning over bold risk?taking. All these risk factors have driven demand for defensive assets such as gold.

As for the technical outlook for the S&P 500, the immediate task for buyers today is to break above the nearest resistance level of $6,993. Overcoming that level would signal upside and open the path to $7,013. An equally important objective for bulls is to secure control above the $7,033 mark, which would strengthen buyers' positions. In case of a downside move amid falling risk appetite, buyers must assert themselves around $6,975. A break below that level could quickly push the instrument back to $6,961 and open the way to $6,946.