Gold fell back on Thursday but stayed in a multi-week range. XAU/USD traded near $4,790 after a high of $4,838, with a firmer US Dollar weighing on it.

Talks to end the US-Iran war remained in focus after Donald Trump said negotiations could resume this week following talks in Islamabad that failed to bring a breakthrough. Gulf and European officials told Bloomberg a deal could take up to six months and called for a ceasefire extension and the reopening of the Strait of Hormuz.

Geopolitical Risk And Hormuz Uncertainty

Iran moved to formalise control over the Strait of Hormuz, with state media saying any transit tolls would be paid via Iranian banks. Pakistan-led diplomacy continued, with an Iranian official citing narrower differences in some areas, but ongoing disputes over nuclear issues.

Gold traded about 10% below its post-war peak as oil-related inflation risks kept rate expectations elevated. St. Louis Fed President Alberto Musalem said supply shocks threaten inflation and employment goals, and said core inflation could stay near 3% through year-end.

Technically, gold was below the 50-day SMA near $4,897, with support at the 100-day SMA near $4,708. RSI was around 51 and ADX near 24.

We are looking at a gold market that remains range-bound, a direct consequence of the oil price shock from the US-Iran conflict in 2025. The ongoing, slow-moving peace talks create persistent uncertainty, making strong directional bets risky. For now, gold is consolidating as it awaits a clearer catalyst for its next major move.

Options Strategies For A Range Bound Market

Although Brent crude has fallen from its peak of over $150 a barrel last year, it has settled near a stubborn $95, keeping inflation concerns alive. The most recent March 2026 CPI report confirmed this, with core inflation holding at a sticky 2.8%. This reinforces the Federal Reserve’s decision to keep interest rates unchanged for the time being.

Given this environment, a long straddle or strangle options strategy on gold futures appears sensible for the coming weeks. This involves buying both a call and a put option, positioning to profit from a significant price breakout in either direction. The strategy benefits from the rising volatility expected if peace talks succeed or suddenly collapse.

For those betting on continued stagnation, selling volatility through an iron condor could be a viable approach. This strategy defines a clear profit range, capitalizing on the market staying between key support and resistance levels. It profits from time decay as long as gold does not make a sharp move before the options expire.

The key technical levels from last year remain critical, with support near the $4,700 mark and significant resistance just under $4,900. A decisive break of this channel, likely triggered by news from the upcoming Geneva talks or a surprise inflation report, should be the signal to act. Until then, implied volatility in gold options remains relatively low, making these strategies more affordable.

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Deutsche Bank economists said higher oil and gas prices linked to the Middle East conflict are weighing on the German economy. They kept their 2026 GDP forecast at 1.0%, citing expansionary fiscal policy and momentum in Q1.

They said private consumption, inflation, and quarterly GDP in 2026–2027 are exposed if energy disruption lasts longer. They expect weaker purchasing power and higher uncertainty to curb spending.

Energy Prices And German Growth

They projected Q2 growth at near stagnation, down from a prior 0.2% quarter-on-quarter. They said fiscal policy support underpins their baseline quarterly GDP profile.

Under a worse energy shock, they estimated 2026 growth could fall to roughly 0.5%, with 2027 at 1.0%. In that case, they said annual average consumer price inflation could be well above 3.0% in both 2026 and 2027.

The article stated it was created with the help of an AI tool and reviewed by an editor. It was published via FXStreet Insights, which compiles selected market commentary from external and internal analysts.

We are currently facing a split outlook for the German economy, where strong government spending is battling against the drag from high energy prices. Given the wide range of potential outcomes for GDP this year, a primary strategy should be to position for increased market volatility. Traders could consider buying straddles or strangles on the DAX index, or purchasing call options on the VDAX-NEW volatility index.

Positioning For Higher Volatility

The risk of a significant slowdown is growing, especially as we head into the second quarter. The latest ZEW Economic Sentiment survey for April fell sharply to -5.2, reflecting pessimism about the next six months, and with tensions in the Middle East pushing Brent crude back over $95 a barrel last week, the downside scenario looks increasingly plausible. This environment warrants considering protective put options on the DAX to hedge against weakening private consumption.

Inflation remains a critical factor that could complicate the picture and pressure the euro. The most recent flash estimate for German CPI in March 2026 showed a rise to 2.9%, and if the adverse energy scenario unfolds, inflation could get stuck well above 3.0%. This stagflationary environment would make it difficult for the ECB to act, suggesting short positions on the EUR/USD could be an effective trade.

The direct trigger for this economic pressure remains the energy markets. European TTF natural gas prices have also climbed as German gas storage levels, reported this week at 68%, are running slightly below the five-year average for mid-April. For those convinced the geopolitical situation will not de-escalate soon, call options on energy ETFs or oil futures offer a direct way to trade this view.

Conversely, any sign of easing energy prices could allow the underlying economic momentum to resurface, powered by the fiscal support measures we saw enacted in the second half of 2025. A significant drop in oil prices would be a strong signal to unwind bearish positions and re-establish long exposure to German equities. This makes call options on German industrial sector leaders a viable strategy for a potential rebound.

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PepsiCo shares are trading near $157.55 on an earnings day, with attention on technical price levels. The stock rallied from about $137 in mid-January to a high of $171.46 in early February.

After that rise, the price pulled back and has traded in a $152 to $160 range for several weeks. Earnings can move the price up or down, while chart levels are used to map possible resistance and support areas.

The first overhead resistance level is a gap fill at $163.97, created during the early March sell-off. At $157.55, the share price is about $6 below $163.97.

If the price moves higher after earnings, $163.97 is the first area where selling pressure may appear. A further resistance level is the prior peak at $171.46 from early February.

On the downside, a daily close below the $153 to $154 area would shift focus to support near $150. The main levels tracked are $163.97 and $171.46 above, and $153 to $154 and $150 below.

The article also notes the use of risk management.

Last year in 2025, we were watching PepsiCo consolidate in the $152 to $160 range, with our eyes on key resistance levels at $163.97 and $171.46. The stock eventually broke through those levels in the second half of the year, rewarding those who were patient. Now, in April 2026, the technical picture has evolved significantly.

As of today, PEP is trading around $185, having recently reported mixed Q1 earnings where profits beat expectations but revenue guidance was cautious. Recent government data shows consumer spending on at-home food and beverages is up 3.2% year-over-year, which provides a tailwind for the company. However, the stock is struggling to break past the all-time high of $192 set back in March.

For traders looking for upside, a bullish call spread could be a measured approach to target a move toward that $192 resistance. One might consider buying the May $187.50 call and selling the May $192.50 call to define risk and lower the cost of the trade. This strategy profits if PEP grinds higher in the coming weeks but limits the potential gain if it surges unexpectedly.

On the other hand, if the cautious guidance weighs on the stock and it breaks below the 50-day moving average near $180, a bearish position could be warranted. Buying May $180 put options would offer a direct way to play the downside, especially as the stock’s forward P/E ratio of 24 is near the top of its historical range. This makes it vulnerable to a pullback if the broader market shows any weakness.

Implied volatility for PEP options is currently around 22%, which is slightly elevated, suggesting the market is pricing in some movement. This makes selling premium an interesting, though risky, strategy for those who believe the stock will remain range-bound between support at $180 and resistance at $192. An iron condor is a strategy that could take advantage of this sideways action.

Regardless of the direction, the setup requires careful attention to key levels. How the stock behaves around the $180 support on any weakness will tell us if sellers are taking control. As always, these derivative strategies should be paired with clearly defined risk management.

GBP/USD fell by 0.17% on Thursday after US jobs data outweighed UK GDP figures released during the European session. The pair traded at 1.3534 after earlier rising to just below 1.36, while expectations of a US–Iran peace deal supported risk appetite.

In European trading on Thursday, GBP/USD was about 0.1% lower near 1.3545 and struggled to break above 1.3600, which aligns with the 61.8% Fibonacci retracement level. The US Dollar firmed after recovering early losses, even as market sentiment stayed risk-on.

Market Reaction And Key Levels

On Wednesday, GBP/USD stalled and held around 1.3570 as optimism over renewed US–Iran talks cooled. US equities extended gains, and the US Dollar appeared to stabilise after touching a six-week low.

We remember how the pound struggled to break the 1.3600 barrier back in 2025, where a strong US jobs report was enough to halt any rally despite a positive mood. That dynamic of a resilient dollar overpowering other factors has become a more dominant theme since then. The market is now trading significantly lower, showing that the resistance we saw last year was a critical turning point.

The present situation in April 2026 echoes that period, as the most recent US Non-Farm Payrolls report for March added a solid 255,000 jobs, comfortably beating expectations. This strong labor market data has cemented expectations that the Federal Reserve will not be cutting interest rates any time soon. As a result, the dollar continues to attract capital, putting a ceiling on any potential GBP/USD gains.

Meanwhile, the UK’s own economic picture is less clear, with March 2026 inflation data showing consumer prices remain sticky at 3.1%, keeping pressure on the Bank of England. However, this is offset by sluggish Q1 growth forecasts, creating a conflict for policymakers and uncertainty for the pound. This divergence in economic momentum between a robust US and a hesitating UK continues to favor the dollar.

Derivative Trading Approach

For the coming weeks, derivative traders should consider strategies that position for limited upside in GBP/USD. Buying put options with a strike price below the current 1.2800 support could offer protection against another leg down driven by US data. Selling out-of-the-money call options above the 1.2950 resistance level may also be a viable strategy to collect premium from the expected range-bound movement.

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The Dow Jones Industrial Average rose about 90 points, or 0.20%, to above 48,500 on Thursday. The S&P 500 gained 0.30% to above 7,000, and the Nasdaq Composite added 0.40% to a new high.

The Dow moved between about 48,275 and the close. For the week, the S&P 500 is up more than 3%, the Nasdaq is up more than 5%, and the Dow is up more than 1%.

Ceasefire Headlines Lift Markets

Donald Trump said he spoke with Lebanese President Joseph Aoun and Israeli Prime Minister Benjamin Netanyahu, and announced a 10-day ceasefire starting at 21:00 GMT. Iran’s parliament speaker linked a pause in Israeli operations in Lebanon to formal US-Iran talks, with a second round of talks reportedly under discussion.

Initial jobless claims fell by 11K to 207K in the week ended April 11, and the prior week was revised down by 1K to 218K. Continuing claims rose by 31K to 1.818 million in the week ended April 4.

Abbott fell about 4% after cutting guidance linked to a $23 billion acquisition, and Charles Schwab dropped nearly 4% despite record Q1 profit. PepsiCo rose 0.3% and Bank of New York Mellon gained 1.3%.

TSMC posted Q1 net profit of T$572.5 billion, up 58% year on year, with revenue up 35%. It guided 2026 capex towards the upper end of its $52 billion to $56 billion range.

After hours, DJIA futures traded near 48,760, while S&P 500 and Nasdaq 100 futures were up about 0.1%. Netflix reports after the bell, with Friday’s focus also on Middle East updates.

Options Hedging And Rotation

Given the market’s rally on fragile ceasefire hopes, we should consider buying protection against a sudden reversal. The Volatility Index (VIX) has fallen below 14 on this news, making put options on the SPX or QQQ relatively cheap insurance in case the deal falls apart. We saw last year in 2025 how similar geopolitical scares sent the VIX spiking above 20 overnight, and any sign of trouble from Israeli officials could trigger a repeat performance.

The strong labor market, with initial jobless claims at a low 207,000, reinforces the idea that the Federal Reserve will not be cutting rates soon. This resilience means the economy can withstand current rates, but it also puts a cap on how high the overall market can go. Therefore, we should be cautious with long-dated call options on broad market indices like the SPY and instead focus on sector-specific opportunities.

We are seeing a clear split between the lagging Dow and the high-flying Nasdaq, which is up over 5% this week compared to the Dow’s 1% gain. This divergence suggests a pairs trade, such as buying calls on the QQQ ETF while buying puts on the DIA ETF, to play the ongoing rotation into tech and away from some traditional industrial and financial names. The weak guidance from companies like Abbott Labs and Charles Schwab validates this defensive posture on older-economy stocks.

The AI trade received a massive boost from TSMC’s blowout earnings and strong capital expenditure guidance for 2026. This confirms the infrastructure spending cycle is not slowing down, making bullish bets on semiconductor ETFs like the SMH a priority for the coming weeks. With megacap tech continuing to lead, buying call spreads on names like NVIDIA or Microsoft ahead of their earnings looks like a solid strategy to capture further upside.

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GBP/USD fell 0.17% on Thursday after US jobs data beat the UK GDP release. It traded near 1.3534 after hitting a two-month high of 1.3594 earlier in the session.

US Initial Jobless Claims dropped to 207K from 218K for the week ending April 11, below the 215K forecast. US Industrial Production fell from 0.7% to -0.5% month-on-month in March, with motor vehicles, parts, and utilities posting the largest declines.

Fed Policy And Inflation Risks

Federal Reserve messaging indicated no change in stance, while officials referred to inflation risks linked to Middle East tensions. Stephen Miran said he expects three rate cuts rather than four due to less favourable inflation developments.

UK GDP rose by 0.5% month-on-month in February, above the 0.1% estimate. Sterling had fallen 1.9% in March amid Middle East conflict and the closure of the Strait of Hormuz, then rebounded as peace-deal hopes lifted the pair back above 1.3500.

Reports also pointed to rising expectations of two Bank of England rate hikes in 2026. Donald Trump said Israel and Lebanon agreed to a 10-day ceasefire starting Thursday at 5:00 PM EDT, alongside talks linked to reopening the Strait of Hormuz.

Technically, GBP/USD remained above 50-, 100- and 200-day simple moving averages near 1.3427, with support around 1.3490–1.3492. A break below 1.3427 would weaken the near-term setup.

Trading View And Risk Factors

The current strength in the GBP/USD is built on fragile optimism, so we should be cautious. While the price has rallied on hopes for a Middle East peace deal and expectations for Bank of England rate hikes, the fundamental vulnerability of the UK as a net energy importer remains. This suggests the recent move above 1.3500 could reverse quickly if sentiment sours.

We should consider the divergence in central bank policy as a key driver for the coming weeks. Looking back, we saw UK inflation remain stubbornly high through much of 2025, which is why the market is now pricing in a 70% chance of two BoE rate hikes in 2026. In contrast, the US Federal Reserve is still talking about rate cuts, creating a policy path that favors Sterling strength and makes long positions in GBP/USD futures or buying call options attractive.

However, the US economy is sending mixed signals that warrant attention. While the strong initial jobless claims data, which fell to 207,000, points to a robust labor market, the sharp 0.5% contraction in industrial production shows significant weakness in manufacturing. This uncertainty creates an environment for heightened volatility, making a long straddle strategy, which profits from a large move in either direction, a prudent approach.

Geopolitical risks are the most immediate threat to the pound’s rally. We remember how the initial closure of the Strait of Hormuz in March 2025 caused Sterling to drop 1.9% in a month due to soaring energy prices. A breakdown in the current ceasefire talks or peace negotiations with Iran would likely trigger a similar sell-off, making out-of-the-money put options a cost-effective hedge against our long positions.

The technical picture provides clear levels to watch for any change in momentum. The support trend line around 1.3490 is the first critical test for the current uptrend. A decisive break below the cluster of moving averages near 1.3427 would signal that the upward momentum has failed and should be seen as a trigger to exit long positions.

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WTI US Oil rose 2.50% on Thursday to about $90.45, after two days of declines. The move follows recent price falls linked to reports of possible US-Iran progress.

Oil prices remain supported by disruptions in the Strait of Hormuz, a key route for global energy trade. Shipping in the area continues to face disruption due to a dual blockade by US forces and Iran.

Strait Of Hormuz Pressure

Iranian state media reported that any transit tolls for vessels crossing the Strait would be processed through Iranian banks. This points to Tehran seeking more control over the passage.

Markets are watching for possible renewed US-Iran talks in the coming days. US President Donald Trump said discussions could restart as early as this week after talks in Islamabad last weekend did not reach an agreement.

Trump also announced a 10-day ceasefire between Lebanon and Israel, due to start at 5:00 pm Eastern Time. The report was corrected on April 16 to state that WTI rebounded after two days of losses, not three.

We see oil prices caught in a tense balance between hopes for a US-Iran deal and the physical reality of shipping disruptions around the Strait of Hormuz. This uncertainty is causing price volatility to rise, with the CBOE Crude Oil Volatility Index (OVX) now trading near 35, a sharp increase from levels seen last month. Traders should anticipate that any headline, whether diplomatic or military, could trigger a significant price swing in the coming days.

Key Risks And Trading Approaches

The primary upside risk remains a complete shutdown of the strait, a chokepoint for nearly 20% of global daily oil supply, which would immediately threaten a major supply crisis. We remember the price jolts in 2025 when similar tensions first emerged, suggesting a $10 to $15 risk premium can be added in a matter of days. Purchasing out-of-the-money call options for near-term contracts is a viable strategy to position for a sharp price spike toward the $100 per barrel mark.

Conversely, a confirmed diplomatic breakthrough presents the main downside risk, as it would erase this risk premium just as quickly. A successful deal could not only secure passage but also pave the way for an estimated 1.2 million barrels per day of Iranian oil to return to the global market, according to recent energy agency forecasts. Buying put options with a strike price below $85 could serve as a hedge against a sudden price collapse following positive diplomatic news.

Market positioning data shows that money managers have already built up significant long positions in WTI futures, indicating the market is leaning toward higher prices. This crowded trade makes the current price level vulnerable to a rapid unwind if talks progress unexpectedly well. Therefore, even those with a bullish outlook should consider using options to define their risk or employing tight stop-losses on their futures contracts.

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USD/CAD fell for a fourth day, trading near 1.3708, its lowest level since 23 March, as higher oil prices supported the Canadian Dollar. The US Dollar Index traded near 98.20, ending an eight-day losing run but staying close to six-week lows.

Oil prices stayed elevated amid ongoing disruption to supply through the Strait of Hormuz during a dual blockade by US forces and Iran. Iranian state media said any future transit tolls would be processed via Iranian banks, pointing to tighter control over the route.

Oil Driven Strength In The Canadian Dollar

West Texas Intermediate crude rebounded after a two-day decline, trading around $90.50. Canada’s currency often tracks oil because Canada is a major crude exporter.

Markets watched for confirmation of a second round of US-Iran talks after Donald Trump said negotiations could resume this week, following talks in Islamabad that did not produce a breakthrough. Higher energy costs kept inflation risks in view, with Canada’s inflation below the Bank of Canada’s 2% target.

US inflation stayed above the Federal Reserve’s 2% target, with March CPI at 3.3% year on year versus 2.4%. US initial jobless claims fell to 207K versus 215K expected, while industrial production fell 0.5% month on month against a 0.1% rise forecast.

We remember looking at this situation last year, in 2025, when disruptions in the Strait of Hormuz pushed WTI crude oil above $90 a barrel. This geopolitical tension was the primary driver strengthening the Canadian dollar and pushing the USD/CAD pair down towards 1.3700. The market’s focus was squarely on the US-Iran talks and the risk of a prolonged supply shock.

How The Setup Looks In 2026

Fast forward to today, April 16, 2026, and the theme of elevated energy prices remains firmly in place. WTI crude is currently trading around $85 per barrel, supported by ongoing Middle East tensions and disciplined OPEC+ supply cuts that have kept inventories tight. Similar to last year, this has provided a floor for the Canadian dollar, keeping USD/CAD hovering near the same 1.3750 level.

The key difference now is the inflation picture, which has evolved since 2025. While US inflation remains persistent at 3.5% as of March, Canadian inflation has accelerated to 2.9%, much higher than the sub-2% levels seen last year. This reduces the policy divergence between the Fed and the Bank of Canada, making a straightforward short USD/CAD trade less compelling than it was in 2025.

For derivatives traders, this persistence of geopolitical risk premium in oil suggests volatility is undervalued. Buying straddles or strangles on crude oil futures or related ETFs could be a prudent way to position for a sharp price move in either direction if tensions escalate or de-escalate unexpectedly. The premium paid is the maximum risk for a potentially significant reward.

Given that both central banks are now grappling with sticky inflation, the USD/CAD pair may be more range-bound than it was last year. This environment makes selling options attractive, and traders might consider strategies like an iron condor on USD/CAD futures. This position would profit from the pair trading sideways and experiencing low volatility in the coming weeks.

We only need to look back to the energy price spike in 2022 to be reminded of how quickly geopolitical events can reshape the market. Therefore, a small allocation to cheap, out-of-the-money call options on WTI crude could serve as an effective, low-cost hedge. This provides upside exposure in case the situation in the Strait of Hormuz deteriorates suddenly, mirroring the fears we held this time last year.

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Equity markets rose sharply from the end of March, but the rally has eased as there has been little new information on potential peace talks. Further movement is now linked to continued talks between the US and Iran.

Markets are also watching for any impact on the global economy if the Straits were to close. The risk of disruption remains a factor for traders.

Markets Await Fresh Catalysts

Netflix shares held up ahead of its earnings report. The results are expected to draw attention away from Middle East developments.

The company’s update is being watched for progress after losses in the second half of last year. Wider consumer spending is under scrutiny due to rising inflation around the world, though it is not expected to have a major effect in this report.

The equity surge we saw from the end of March last year has become a distant memory, as the market now needs more than just headlines. A lack of substantive progress in US-Iran talks continues to create a ceiling for major indices. The CBOE Volatility Index (VIX), a key measure of market fear, has been elevated, hovering around 18 this month, reflecting this persistent unease.

This unresolved tension directly threatens the Strait of Hormuz, through which the U.S. Energy Information Administration confirms nearly 21 million barrels of oil pass daily. Derivative traders should therefore be looking at volatility in the energy sector, potentially through call options on oil ETFs. Correspondingly, downside protection on transport and airline stocks, which are highly sensitive to fuel price shocks, may be warranted.

Positioning For Volatility Risk

The economic friction is already visible, as war risk premiums for maritime shipping in the Gulf have risen over 20% since the start of the year. This underlying instability suggests that holding long volatility positions through VIX futures or index options could be a prudent hedge. Without a diplomatic breakthrough, any escalation could trigger a sharp market reaction, rewarding those prepared for a spike in volatility.

Away from geopolitics, earnings season is providing a welcome distraction, and we are looking closely at consumer health. When we looked at Netflix last year, the focus was on recouping losses, but the landscape has shifted. While the company’s report yesterday showed a solid beat on subscriber additions, its weak forward guidance on advertising revenue has capped the stock’s momentum.

This mixed result from a streaming giant comes as the latest CPI report shows inflation remains stubbornly above 3%, keeping pressure on household budgets. For derivative traders, this suggests that instead of making large directional bets on consumer names, strategies like iron condors could be used to profit from a stock trading within a specific range. This captures the uncertainty between strong subscriber loyalty and weakening consumer purchasing power.

The concerns extend beyond just one company, as recent retail sales data for March came in softer than expected. We see this as a signal that cumulative inflation may finally be impacting non-essential spending. Traders could consider looking at put options on consumer discretionary ETFs as a way to position for a potential slowdown in the coming weeks.

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US President Donald Trump said on Truth Social that Lebanon and Israel agreed a 10-day ceasefire. He said it will start on Thursday at 5 pm Eastern time.

He said he spoke with Lebanon’s President Joseph Aoun and Israel’s Prime Minister Benjamin Netanyahu. He added that the two countries met in Washington, D.C. on Tuesday for the first time in 34 years.

Ceasefire Details

He said US Secretary of State Marco Rubio attended the meeting. He also said he directed Vice President JD Vance, Rubio, and Chairman of the Joint Chiefs of Staff Dan Razin’ Caine to work with both sides towards “lasting peace”.

In markets, the US Dollar was under mild selling pressure after the announcement. It still held most of its intraday gains across major currency pairs.

Trading moves were limited amid uncertainty over future US-Iran talks. The same update referred to negotiations aimed at pausing the Middle East war.

A correction issued at 15:50 GMT amended the date for the start of the 10-day ceasefire. The ceasefire start time remained 5 pm Eastern time.

Market Strategy Implications

This announcement signals a temporary drop in geopolitical tension in the Middle East, reducing the immediate risk premium in the market. We saw a similar pattern in late 2025 when initial reports of de-escalation talks caused the VIX to fall from 28 to below 22 in just a few sessions. Therefore, selling short-dated call options on market volatility indices appears to be a sound strategy to capitalize on this expected period of calm.

The most direct impact is on crude oil, with Brent futures already dropping nearly 4% to $106 a barrel in after-hours trading. We anticipate this weakness will continue, making buying put options on oil-related equities and ETFs a viable play for the next week. Given the ceasefire is only for 10 days, these should be short-term positions, as the underlying supply risk has not vanished.

We must remain cautious because a 10-day truce is notoriously fragile, and the broader uncertainty surrounding US-Iran negotiations continues to simmer. The U.S. Dollar Index holding firm above 107 reflects this skepticism, a lesson we learned from the brief market relief during the Strait of Hormuz tensions in 2025. It may be prudent to hedge any risk-on trades by holding some longer-dated call options on gold, which remains a key barometer of true regional stability.

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