StoneX: There are currently no signs of a top in the gold price trend, and any pullback is likely to encounter strong buying interest.

Matt Simpson, senior analyst at global brokerage and financial services firm StoneX, said that gold's upward trend since the October lows has been supported by seasonal factors, and the year-end trading volume contraction makes this trend difficult to halt unless a new catalyst or profit-taking occurs. Data shows that over the past 50 years, gold's average return in December is 1.1%, with a 52% probability of rising. However, in months with gains, the average positive return is 4.78%, indicating a tendency for upward movement in the Christmas and year-end trading period. Simpson pointed out that there are currently no signs of a top in gold prices, and the Relative Strength Index (RSI) has just entered overbought territory, consistent with a healthy upward trend. As the year-end approaches, gold bulls need to remain cautious, but the current trend still has room for further upward movement, and any pullback is likely to encounter strong buying interest.