TechFlow news, November 17 — CICC released its 2026 outlook, stating that from a historical comparison perspective, the current gold bull market may not yet have ended. The rally's magnitude and duration still remain below those of the two major upward cycles in the 1970s and 2000s. Given ongoing macro uncertainties, the long-term nature of global reserve structure adjustments, and the potential downturn in the U.S. dollar cycle, we believe the gold bull market has not reached its final stage. Unless the Fed completely ends its accommodative monetary policy or the U.S. economy re-enters a strong recovery phase characterized by "declining inflation and rising growth," the medium-term bullish case for gold will likely persist. If current trends continue, gold prices could potentially exceed $5,000 per ounce next year. Although the bull market thesis is clear, gold is indeed one of the more expensive asset classes at present, which may increase portfolio volatility. We recommend maintaining an overweight position in gold, but reducing momentum-driven trading, instead adopting a strategy of buying on dips and regular dollar-cost averaging, with greater emphasis on gold’s long-term asset allocation value. (Jinshi)
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