The RMB not rising or falling is the big news: transforming from a volatile asset into a global stabilizer, with the three main functions of hedging, payments, and reserves firmly established. Stability is more meaningful than a big surge.

Gold, silver, and the US dollar: Gold remains steady but will grind higher, reaching new highs in the long term; silver is a correction, not an end, supported by industrial demand; the US dollar won't collapse, just a slow bear market, don't bet on a one-sided crash.
The most critical is crude oil: geopolitical factors pushing up oil prices will trigger inflation, suppress interest rates, and hit risk assets. Oil prices are the global market's main switch; their rise or fall determines the overall situation after the holiday.