Gold is seriously impressive, not even holding a single support level and has already broken through multiple short- and long-term moving averages. The technicals look a bit messy, but going long on the rebound actually has a pretty high cost-performance ratio. On the macro side, the surge in real interest rates, the strengthening dollar, and the panic over the U.S.-Iran conflict all seem to be nearing their short-term limits. Time for a rebound to rebound.