Weekend negotiation window, is the gold at 4900 a risk premium or an emotional peak?

ME News Report, April 18 (UTC+8),
Over the past week, the global markets rebounded significantly on expectations of easing tensions in the Middle East, but core uncertainties remain unresolved. Iran temporarily announced the opening of the Strait of Hormuz, leading to a rapid decline in oil prices, and risk assets broadly strengthened, with U.S. stocks reaching new highs for the period, the dollar weakening, and gold approaching the $4,900 mark. However, Iran later signaled that it remains "under military control," coupled with the U.S. maintaining sanctions against Iran, which heightened market concerns over the volatility of the situation.
On the macro level, the biggest variable next week remains the progress of U.S.-Iran negotiations. U.S. President Trump stated that negotiations might advance over the weekend and warned that if an agreement is not reached by next Wednesday, a ceasefire could end, and there is a risk of conflict reignition; meanwhile, Iran's stance on negotiations remains cautious, especially with significant disagreements on key issues such as uranium enrichment. The market has shifted from "conflict escalation pricing" to "de-escalation path pricing," but any