Saturday morning update is here.

**Gold** 🪨
- Spot price $4,540/oz (+1%), continuing the V-shaped rebound momentum
- **Reached a high of $4,595 during trading**—breaking through the 200-day moving average of $4,541! This is a key signal
- COMEX gold futures $4,540, Shanghai gold main contract 996 yuan/gram (+1.61%)
- Brand gold jewelry Chow Tai Fook / Lao Feng Xiang 1,365 yuan/gram

**Cryptocurrency**
- BTC $73,425 (+0.11%), ETH $2,015 (+0.11%)
- Market sideways with consolidation, trading volume shrinking, weekend sentiment cautious
- Over $500 million buy orders around $70,000 to support, but CME futures gap down to $67,000
- XRP drops to a 16-week low

**U.S.-Iran Situation—"Rashomon" Escalates**:
- Trump entered the war room on the 29th for a "final decision," but **ended in failure**
- Trump unilaterally announced: Iran’s enriched uranium will be excavated and destroyed in coordination with the U.S., Iran, and IAEA, with no monetary exchange involved; maritime blockade "about to be lifted"
- Iran **firmly denies** the memorandum draft, saying "the text is not yet finalized"
- Iranian Speaker of Parliament strongly states: "Iran gains concessions through missile tests, not dialogue"
- Both sides are still exchanging fire, ceasefire shows cracks

**Core judgment**: The breakthrough of gold above the 200-day moving average of $4,541 to $4,595 is an important signal—but whether it can **hold steady** is the key. Currently, $4,540 is repeatedly tested near the moving average, but there’s no effective breakout yet. Weekend liquidity is thin, and next week’s opening will be the real test.

On the crypto side, the scene is quite different: BTC continues to grind around $73,000, completely disconnected from gold’s rebound rhythm. The two markets are following their own independent logic—gold is trading on "stagflation + geopolitics," BTC on "institutional retreat + narrative failure."

🪨 Gold has touched above the 200-day moving average, but the "Rashomon" between Trump and Iran has not yet reached its final chapter. No trading over the weekend, but news could explode at any time—if Trump suddenly signs or negotiations collapse, next Monday’s opening will be very interesting.