According to CoinMeta, a research report by CITIC Securities states that since the beginning of this year, gold prices have surged before rapidly falling. However, they believe that gold is still in a major bull market, due to factors such as the accelerated expansion of the U.S. fiscal deficit, the difficulty in bridging geopolitical rifts under anti-globalization trends, and the continuous support for gold purchases by central banks around the world. Therefore, they consider this recent decline in gold prices to be merely a temporary adjustment within the bull market. The current pullback has approached historical lows, and the area around $4,000 per ounce is likely to be the bottom of this cycle. Looking ahead, it is expected that the situation in the Strait of Hormuz will shift from suppressing to boosting gold prices. The Federal Reserve's monetary policy may be more optimistic than market expectations, and coupled with the surge in U.S. military spending that drives up the deficit, it is anticipated that gold prices will return to an upward trend within the year.