Guangfa Securities: It is expected that London Gold will consolidate and fluctuate before the end of the year, and will reach new highs again after the first quarter of next year.

Guangfa Securities research report stated that the short-term position of gold is still not low, with large fluctuations and declining geopolitical risks. Without unexpected bullish factors, it is expected that London gold will trade sideways and fluctuate before the end of the year, and hit a new high again after the first quarter of next year. The subsequent rise in gold may meet two necessary conditions: implied volatility dropping to the levels of August-September, and new driving factors at the macro level.