That was fast. Gold was catching strong safe-haven bids on the Iran tension and then Trump speaks, signals some progress, and the whole thing reverses.

Spot gold is down over 2% from the recent highs and hovering near $4,500/oz. Silver took it even harder, dropping sharply to around $71/oz.

The move feels like classic profit-taking. Traders who piled in on the fear are heading for the exits now that de-escalation hopes are on the table. The safe-haven bid hasn't completely vanished, but the narrative shifted quicker than most expected.

Here's what matters: geopolitics rarely resolves cleanly in one speech. This pullback could be healthy if the tension simmers but doesn't boil over, giving dip buyers a shot. Or it becomes a trap if fresh headlines reverse the optimism overnight.

I'm watching how it holds the immediate support. Too much follow-through selling and the recent fear premium evaporates fast. The second-order effect is already showing up in reduced hedging demand across commodities.

Anyone still long here? Or did you take some off the table when the tone changed? This one feels like it could swing either way depending on the next 24 hours.