On December 26th, gold concluded 2025 with a strong performance, highlighting its unique appeal as a global safe-haven asset. Despite divergent forecasts for 2026, ranging from a cooling-off at lower levels to a breakout at higher prices, the combination of structural demand and macroeconomic tailwinds continues to provide a solid foundation for gold. Investors need to closely monitor key catalysts to seize future opportunities in this precious metal market. The current weakness in the U.S. dollar index, which has fallen 9% since the start of the year, coupled with market expectations for a dovish stance from the new Federal Reserve Chair, further diminishes the attractiveness of dollar-denominated assets, thereby providing support for gold priced in dollars.
The fundamental market environment remains unchanged, so the approach to viewing gold remains the same; it is essential to emphasize that gold is in an absolute strong position—bullish without trying to predict the top. Although certain months may see consolidation and specific time points may experience adjustments, the major trend and primary direction show no signs of wavering. Consequently, in a strong market, one must persistently maintain a long and bullish stance. This week, Monday saw a unilateral rise, Tuesday experienced a rise followed by a drop and then another rise, and Wednesday similarly saw an initial rise followed by a decline, with the lowest point at 4450. This price action and level align precisely with Yang Chengfa's predictions. In an absolute bull market, one should not chase highs but instead wait for adjustments to establish reasonable long positions. Therefore, the long position suggested at 4450 on Wednesday was held until Friday's opening. At today's opening, gold continues to刷新新高, rising to around 4528. As long as the market is open, a new high is set almost daily, demonstrating the formidable power of the trend. Thus, for Friday, the previous view remains unchanged: continue to看好黄金's bullish performance but avoid chasing the high; instead, wait for a gold adjustment to go long, particularly if there is a surge during the Asian/European trading sessions.
