On January 17th, Marex senior analyst Edward Meir pointed out that commodities experienced a significant pullback after several weeks of gains, with profit-taking selling increasing. As the situation in the Middle East eases and geopolitical tensions subside, safe-haven assets like gold and silver have lost some of their premium.

He analyzed that protests in Iran are gradually calming down, the US government is adopting a relatively cautious stance, and Russia is seeking diplomatic coordination. These factors combined have led to a decline in market pricing of geopolitical risks. "I believe gold prices still have the chance to reach the psychological threshold of $5000 this year, but this will inevitably be accompanied by noticeable volatility adjustments," Meir added.

From a technical perspective, the commodity market has shown signs of fatigue after a continuous rally. Short-term corrections in precious metals, energy, and other assets do not affect the medium- to long-term supply and demand landscape. For traders, this wave of adjustment could be a key window for strategic positioning—being alert to the risk of further pullbacks while also watching for opportunities to enter during rebounds.