Phillip Streible discusses the recent pressure on Gold futures, which dropped below 4,500 following an escalation of tensions in the Middle East. With Treasury yields climbing above 4.5% and the dollar index rallying, inflation expectations remain elevated. July WTI Crude Oil futures have extended to 97 a barrel, further influencing the cross-asset picture. The interest rate outlook reflects these conditions, with the CME FedWatch Tool indicating a 98.4% probability that the Fed leaves rates unchanged at the June 17 meeting, and a 25% chance of a 25 bps hike in September. Finally, Copper and Silver futures are seeing downward pressure. Copper faced rejection near all-time highs before dropping 2%, while silver slipped below 75 an ounce amid unwinding in the industrial metals complex.