Hoisington, a 30-year bull in the bond market, turned negative, confirming that the long-term interest rate center has moved upward to suppress gold. The escalation of the conflict between the United States and Iran did not trigger safe-haven buying. The technical aspect is highly similar to the top in 1980 and 2011, and the 50% retracement target is towards $3,702. However, the long-term support for debt expansion and fiscal deficit has not changed. The current situation is a cyclical adjustment rather than a trend reversal, and it is recommended to deploy it in batches.