PANews reported on November 17th that CICC released its 2026 outlook, stating that from a historical perspective, the current gold bull market may not yet be over. The magnitude and duration of this bull market are still lower than the major bull cycles of the 1970s and 2000s. Considering current macroeconomic uncertainties, the long-term nature of global reserve structure adjustments, and the potential downside of the dollar cycle, we believe the gold bull market is not yet over. Unless the Federal Reserve completely ends its easing cycle or the US economy re-enters a strong recovery phase characterized by "declining inflation + rising growth," the medium-term upward trend for gold will remain intact. If the current trend continues, the possibility of gold prices breaking through $5,000/ounce next year cannot be ruled out. Although the bull market logic is clear, gold is indeed one of the most expensive asset classes currently, which may increase asset volatility. We recommend maintaining an overweight position in gold, but reducing chasing highs and lows, adopting a strategy of buying on dips and dollar-cost averaging, and focusing more on the long-term asset allocation value of gold.PANews reported on November 17th that CICC released its 2026 outlook, stating that from a historical perspective, the current gold bull market may not yet be over. The magnitude and duration of this bull market are still lower than the major bull cycles of the 1970s and 2000s. Considering current macroeconomic uncertainties, the long-term nature of global reserve structure adjustments, and the potential downside of the dollar cycle, we believe the gold bull market is not yet over. Unless the Federal Reserve completely ends its easing cycle or the US economy re-enters a strong recovery phase characterized by "declining inflation + rising growth," the medium-term upward trend for gold will remain intact. If the current trend continues, the possibility of gold prices breaking through $5,000/ounce next year cannot be ruled out. Although the bull market logic is clear, gold is indeed one of the most expensive asset classes currently, which may increase asset volatility. We recommend maintaining an overweight position in gold, but reducing chasing highs and lows, adopting a strategy of buying on dips and dollar-cost averaging, and focusing more on the long-term asset allocation value of gold.