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Bulls Remain Patient as Rising Angle Signals the Uptrend Is Still Intact
Summary:
On Thursday, gold prices briefly climbed to a new weekly high but failed to extend gains. Improved risk appetite and a mild recovery in the US dollar exerted some pressure on gold.
CLOSED
4229.28
ENTRY
4350.00
TGT
4150.00
SL
4343.61 +44.22 +1.03%
12072
Points
Profit
4150.00
SL
4350.21
CLOSING
4229.28
ENTRY
4350.00
TGT
Fundamentals
During Thursday’s European session, gold rebounded moderately after touching around 4,204, but overall remained within a downward trend. The US dollar was supported by dip-buying and partially recovered the losses seen after Wednesday’s Fed decision, although it continued to hover near its lowest level since October 24. The dollar’s stabilization did not help gold extend its upward move or refresh its weekly high.
As widely expected, the Fed lowered the federal funds target range by 25 basis points at Wednesday’s policy meeting and indicated that only one additional rate cut is expected in 2026. However, after Chair Powell delivered relatively dovish signals, some investors continued to bet on the possibility of two additional cuts in 2026.
Powell stated at the press conference that the US labor market faces significant downside risks and that the Fed has no intention of using policy to further restrain job growth. This remark pushed the dollar to a fresh seven-week low and drove gold to a new weekly high on Thursday.
However, Powell refrained from providing guidance on the timing of the next rate cut and emphasized that the path for further easing would be more challenging. Additionally, two hawkish committee members opposed the current rate cut, which heightened concerns about next year’s easing pace and put pressure on non-yielding gold.
Meanwhile, improved risk appetite also prompted some safe-haven money to exit precious metals. However, the slow progress in Russia–Ukraine ceasefire negotiations means related geopolitical risks remain, which may discourage traders from building large short positions and could cushion gold prices.
Technical Analysis
Gold prices retreated from the upper boundary of the two-week trading range on Thursday, reminding bullish traders to remain cautious. It also suggests that the tug-of-war between bulls and bears will continue to dominate trading before the weekend. Oscillators on the daily chart indicate that if the price falls further below the 4,200 level, it may offer buying opportunities and find solid support near the lower boundary of the triangle consolidation. However, a sustained break below this area could open the door to additional downside.
Trade Recommendations
Trade Direction: Buy
Entry Price: 4195
Target Price: 4350
Stop Loss: 4150
Valid Until: December 27, 2025 23:55:00
Support: 4192 / 4185 / 4170
Resistance: 4225 / 4240 / 4259
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Master of Economics, 8 years in the financial industry, CFA holder, joined HSBC (Hong Kong) Bank in 2013 after graduating from the University of California, USA in the Investment Research and Markets Department. With years of financial market experience and trading experience, having provided excellent investment advice to many brokerages, entity derivatives importers and clients in Greater China.
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