Expect gold buyers on any further US/Iran military strikes
The Japanese Yen is a safe haven currency which investors rotate into during times of uncertainty. The Yen is most probably the largest risk sentiment mover and is the go to currency of choice for risk on and risk off moves.
Risk off= YEN strength
Adam has continually reminded us of the strong bids in gold during January over the last few years and any risk off flows only add extra fuel to that fire. Expect bids at market for gold on any further military reaction from either the US or Iran
Oil is bid on supply issues with a middle eastern crisis liable to spill over to Iraq and Saudi Arabia. so again look for bids here.
In terms of risk off moves, these are some of the key markets to focus on should the situation deteriorate further. Also, look for reverse moves should the situation surprisingly de-escalate. A simple playbook.