Core Viewpoint - The current gold bull market may not be over, as historical comparisons indicate that its price increase and duration are still below the major upcycles of the 1970s and 2000s [1] Summary by Relevant Sections Market Outlook - Given the current macroeconomic uncertainties, the long-term adjustment of global reserve structures, and the potential decline of the dollar cycle, the gold bull market is expected to continue [1] - The possibility of gold prices exceeding $5,000 per ounce next year cannot be ruled out if the current trends persist [1] Investment Strategy - Despite the clear bull market logic, gold is currently considered one of the more expensive asset classes, which may increase asset volatility [1] - It is recommended to maintain an overweight position in gold while reducing speculative trading, focusing instead on strategies such as buying on dips and regular investments, with an emphasis on gold's long-term asset allocation value [1]