Gold appears to have geopolitical safe-haven support, but in fact it is a non-yielding asset, with holding costs soaring in a high-interest-rate environment, and the rebound is purely a trap for buyers.

Oil, let alone, with supply expectations recovering and inflation suppression, faces greater downside risk after oscillating at high levels.

Funds are quietly withdrawing from commodities, and there is little short-term momentum for a reversal; a bearish trend is more prudent.