The Middle East drama keeps twisting and turning. If the negotiations are again delayed next week, the gold price at 4900 might become the new normal.

This week, global markets rebounded sharply on expectations of easing Middle East tensions, with oil prices falling, U.S. stocks hitting new stage highs, the U.S. dollar weakening, and gold nearing 4900. Subsequently, Iran released a signal that it remains under “military control” and continued its blockade stance, reigniting market concerns. Next week, focus will be on developments in U.S.-Iran negotiations, the direction of oil prices, and signals from the Federal Reserve. If there is no agreement or policy change, assets will continue to fluctuate, and the Wosh hearing will also affect gold and risk assets.