Has gold entered a technical bear market? Wall Street is increasingly divided, with bulls claiming it could be a "golden opportunity" leading to $10,000.

According to Mars Finance, on March 24th, the recent sharp correction in gold prices triggered market turmoil. Since its January high of approximately $5594, spot gold has fallen by about 21%, entering a technical bear market, with short-term bearish sentiment dominating. Market analysts believe this decline is primarily driven by liquidity tightening and a stronger US dollar. Since the escalation of the Middle East conflict, the US dollar index has risen by about 3%, coupled with investor position-closing and portfolio rebalancing needs, prompting funds to withdraw from highly liquid assets such as gold. Meanwhile, Trump's statement pausing his attack on Iranian energy facilities temporarily eased geopolitical tensions, also weakening the safe-haven demand for gold. Despite the short-term weakness, some Wall Street institutions and strategists maintain a long-term bullish outlook. Renowned economist Ed Yardeni stated that his target of gold reaching $10,000 by the end of this decade remains unchanged; institutional views also generally believe that continued central bank gold purchases, geopolitical uncertainty, and potential dollar weakness will continue to provide medium- to long-term support. Institutions including Global X point out that this pullback is more due to "deleveraging + short-term mismatch" than a fundamental reversal, and they view the current range as an attractive investment window. Standard Chartered predicts that gold prices are likely to gradually recover in the coming months as the deleveraging phase ends and monetary policy expectations shift. Overall, gold may remain under pressure in the short term due to the interplay of inflation expectations, central bank demand, and the dollar cycle, but market divergence regarding a medium- to long-term structural bull market is widening.