The US-Iran negotiations continue to advance, and market sentiment is gradually warming, but the key to gold and oil trends does not lie in the negotiation results themselves, but in the actual transmission of supply and demand chains. If sanctions are eased, crude oil supply expectations will increase, and oil prices may come under pressure; conversely, risk aversion sentiment will still support gold to strengthen. Investors should pay attention to the pace of policy implementation and market reactions, anticipate market changes in advance, and avoid blindly chasing gains or selling in panic. Gold is bullish, crude oil is bearish.