Moreover, after the release of PCE data today, both gold and silver oil have stopped falling and rebounded, indicating signs of the end. If this rebound can be confirmed as a reversal in the future. So the logic and funding rotation of the previous month may need to change course. That is to say, the expectation of interest rate hikes may reach its peak, and the preparation to gradually weaken and answer the expectation of interest rate cuts has come up. The transactions made in the past month are: Oil prices fall → inflation expectations decrease → nominal interest rates remain unchanged → real interest rates rise → gold and silver fall. Tonight's transaction is: PCE did not exceed expectations → tail risk of interest rate hikes decreases → US dollar and nominal yields fall → real interest rates stop rising → gold and silver short positions are replenished. The big shock tonight may have been caused by two logical forces being almost tied. Tonight can be defined as the first round of testing for logical switching, but it cannot yet be defined as a confirmed reversal. We will continue to focus on the US Treasury yield and the US dollar index as key observation indicators in the future. Once these two indicators confirm a reversal, we can immediately confirm a logical reversal in the financial market. This content is sponsored by @ BITstocks_CN. Buy BIT-16000+US stocks and ETFs on the US stock market, hold real positions, and enjoy dividends.