Gold could see additional downside to retest June-July 2023 lows, and might consolidate in the third quarter at those lows while broader markets experience some risk-off, potentially setting up for a bull move later when financial conditions ease.

Post-game: A record 17 million barrel drawdown from US oil storage in one week is unprecedented (or at least the largest since records began in the 1980s), but the surprise negative was building gasoline demand rather than expected drawing, suggesting demand destruction despite bullish inventory action.

The S&P 500 has broken above its 100-day and 200-day moving averages on a sustained basis, which spells the beginnings of a new bull trend, though the sustainability of this rally depends on whether dips continue to be bought or if distribution begins.

Copper broke out above $4/lb but the breakout was decisively rejected; bulls must show up and push copper back to highs, otherwise further weakness will retest May-June lows and copper will have to wait longer in its cycle.

Darius Dale (a bear strategist) predicted a stock market 'blow off top' would occur first (before the decline), which is playing out; a right-tail equity event could reverse oil and commodity strength.

Crude oil futures broke above the 200-day moving average and faces resistance at the $80 round number and the 55-week moving average; a pullback to retest the breakout zone around $77 could be a healthy development if bulls defend the level

Dollar weakness remaining below 102 with breakdown to key 2023 Q1-Q2 support lows signals potential downtrend continuation; if dollar weakness persists to 98 or lower, this would create bullish tailwind for commodity and cross assets

Gold has held near all-time highs across five years of data (2020, 2022, and 2023 peaks near $2000), establishing $2000 as clean round number resistance; a break above $2000 would draw money flows and create potential catalyst for testing all-time new highs

Uranium stocks and the Sprott Physical Uranium Trust continue to be well accumulated with good clean trend, having experienced a pullback from highs but now turning up; potential near-term targets are $17.50-$18 with longer-term $20 level to retest

The agricultural commodity basket (DBA) with components like coffee, cocoa, and sugar outperforming while grains muddle suggests potential test of 52-week highs and potentially all-time highs if the entire basket breaks higher

EIA crude oil inventory showed 600k barrel drawdown with no SPR drawdowns for second week, Cushing down 2.6 million barrels, gasoline down 786k, distillates down 245k, and U.S. production down 100k to 12.22 million barrels per day