Zhongjin: The current gold bull run may not be over yet, and a breakthrough of 5000 dollars next year cannot be ruled out.

According to Deep Tide TechFlow news, on November 17, China International Capital Corporation (CICC) released its 2026 outlook, stating that from a historical comparison perspective, this round of the gold bull run may not yet be over. The rise and duration of this gold bull run are still lower than the two major upward cycles of the 1970s and 2000s. Considering the current macro uncertainty, the long-term adjustment of global reserve structures, and the potential downturn of the dollar cycle, we believe that the gold bull run has not reached its end. Unless the Fed completely ends its easing cycle or the U.S. economy re-enters a strong recovery phase of “declining inflation + rising growth,” the medium-term logic for the rise of gold will remain intact. If the current trend continues, there is a possibility that gold prices may break through $5,000/oz next year. Although the bull run logic is clear, gold is indeed one of the currently overvalued major assets, which may increase asset volatility. We recommend maintaining an overweight position in gold but reducing momentum investing operations, adopting a strategy of increasing allocations on dips and Auto-Invest, and focusing more on the long-term asset allocation value of gold. ( Jin10 )