The mode in markets at the moment is reversal.
The huge moves in commodities and stocks from earlier are unwinding with no country willing to hamper Russian exports.
Gold is a good example. It rose to a one-year high of $1973 but it’s fallen all the way back to $1905, which is unchanged on the day.
The weekly chart earlier looked like a major break from the long-term consolidation but now it’s a big question mark.