Assets

• GoldGold research is split by time horizon: most near-term views lean bearish, while a smaller strategic camp stays constructive on the long run.
• SilverSilver faces near-term downside pressure, according to research circulating this week.
• CopperCopper's chart is flashing a cyclical green light, according to research published this week.
• OilPublished research is overwhelmingly bullish on crude, with most analysts expecting prices to stay elevated or climb further as the Iran conflict and Strait of Hormuz disruptions drag on.
• Natural gasNatural gas is a story of competing horizons right now, according to recently published research.
• BitcoinBitcoin's long-term setup still looks constructive, according to a recently-published research view.
• US equitiesPublished research this week tilts bearish on US equities in the near term, with bullish pockets clustered around mega-cap tech and longer-horizon views.
• European equitiesEuropean equities are getting a split read from public research this week: structurally bullish for the long haul, but cautious for the immediate session.
• US bondsPublished research this week leans heavily one way on US Treasuries: prices down, yields up, with markets now pricing in the possibility of Fed hikes rather than cuts.
• EU bondsGerman Bund yields look biased higher, and published research sees little near-term relief.
• EUR/USDPublished research this week is tilting bearish on EUR/USD, with both explicit pair calls pointing lower and the macro backdrop reinforcing that lean.

Macro

• Macro themesOil and bond yields are the story of the week, and published research is converging on an uncomfortable conclusion: the Fed's next move may be a hike, not a cut.