The S&Ps opened down a touch and then melted up to a high of nearly a percent, where we chopped sideways for the rest of the day to go out off the highs but still up over half a percent to a new high for the week.

Crude slipped a buck. The dollar also weakened. Yields were little changed. Commodities (ex-oil) were higher, with platinum notably popping over 3 percent to a new high for the move and above its 50 dma (silver likely follows soon with its own move above the 50 dma).

Gold rallied up to as high as $4800 during the US session and then backed off to go out closer to $4770 for a gain of nearly a percent to a new closing high for the week but still well shy of yesterday's spike high.

Silver also rallied up to over $76.50 and then backed off to go out closer to $75.50 for a gain of over a percent and also to a new closing high for the week but well shy of yesterday's spike high.

The GDX opened up a touch and pulled back to yesterday's low before then firming back up into positive territory to go out back where it opened with a gain of a touch and just shy of recovering the 50 dma. Once again, the GDX ended well above the 5 dma, which leaves the bulls statistically in charge.

Somebody seems to be pretty certain that the ceasefire will hold and the straits will open up soon and allow for crude oil and other products to flow, because that's certainly the way things trade. Granted, oil prices will remain high because it's going to take many weeks for crude shipments to reach their destinations even if they begin tomorrow, but the risk of a distressed sovereign or otherwise seller in gold may have abated if the war is suddenly going to wind down and oil and other shipments will resume.

I'm not sure I believe that myself, but again, that's the way market trades at the moment. So, basically you want to believe in the Easter Bunny until the market begins to trade differently.

We still need to see gold open interest jump in order to get some confirmation of an all-clear, but perhaps that will come tomorrow if gold can pop over $4900 for the week?

Tomorrow we'll get the CPI, and it will be on the warm side, but I doubt anyone will care. All that will matter is more "we got a deal" headlines out of the Middle East. In fact, if gold does pop tomorrow in the face of a hot CPI, it may even create the appearance of an inflation trade in gold. I don't have a strong opinion on that. But we are going to get another surge in inflation given what has happened in oil, fertilizer, etc over the past 45 days. That much is certain. If the risk of a distressed seller and spillover selling is now gone, then the metals will rally to price that inflation in.

My gold model remained at neutral.

Postions: Short SPY, QQQ, MDY, IWM, XHB, and BLDR. Long DBA and IBIT. I punted GDXD and ZSL and bought some SLV 72 calls for tomorrow for 10 cents. I also bought ZSL (2x long silver) at the close.