Gold suddenly stopped falling! Has the market already begun to doubt the "ceasefire script"?

According to normal logic, once the ceasefire news comes out, gold should plunge.
But recently, the market has shown a very strange phenomenon:
Risk assets are rising.
Gold hasn't really dropped much.
What does this indicate?
It shows that the truly big funds haven't fully let down their guard yet.
Trump has been repeatedly hinting at "signing next week," and market sentiment is clearly being ignited.
Many people are starting to imagine:
Oil prices plummeting.
The Federal Reserve turning dovish.
BTC reaching new highs again.
But the problem is, Iran hasn't officially responded yet.
And there are obvious disagreements on some terms from the U.S. side.
This means:
What the market is trading on right now is actually just "hope."
And there is a classic rule in financial markets:
The greater the hope, the greater the volatility.
Because many assets have already priced in the "peace outcome" in advance.
If the signing goes smoothly later, the market could continue to rise.
But if any unexpected event occurs, risk aversion will quickly return.
So, recent gold performance is particularly intriguing.
It hasn't surged wildly.
But it hasn't truly collapsed either.
This indicates that capital is actually in a state of:
"Betting while keeping an escape route."
And BTC is even more surreal now.
It both benefits from risk appetite and from systemic uncertainty.
So its recent movements are very much like split personalities.
As the peace expectations heat up, it rises.
When risk aversion returns, there are still buyers.
Because more and more institutions are starting to see BTC as:
A long-term hedge against global uncertainty.
And the real focus of the market moving forward isn't actually what Trump says.
But rather:
Whether Iran will truly give the nod.
Because in Middle Eastern issues, the most valuable thing has never been oil.
It's:
Certainty. #Gate广场五月交易分享