Gold futures extended their strong performance into December 2025, with COMEX gold futures comfortably consolidating around the US$4,300 mark. Prices remain underpinned by a softer U.S. dollar and lower U.S. Treasury yields.<\/p>\r\n
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Bullish Consensus Anchored by Macro Fundamentals<\/span><\/h2>\r\nAll future price projections continue to place gold within a bullish consensus, supported by long-term structural fundamentals. Markets are broadly pricing in further Federal Reserve easing and persistent macroeconomic risks. Short-term projections suggest gold futures remain confined near multi-year highs, trading in a range-bound consolidation between US$4,200 and US$4,400. While bearish scenarios\u2014such as a reversal in Fed easing expectations or a stronger U.S. dollar\u2014could trigger modest pullbacks, even downside projections generally keep gold prices above pre-rally levels.<\/p>\r\n
Technical Structure Remains Firmly Upward<\/span><\/h2>\r\nFrom a technical perspective, gold futures continue to trade within a well-defined bullish structure, characterised by a series of higher highs and higher lows on both daily and weekly charts. A Fibonacci retracement drawn from the August lows to the record high of US$4,398 per ounce shows that COMEX gold futures corrected close to the 50% retracement level. Since then, prices have rebounded multiple times but have yet to decisively break above the previous record high.<\/p>\r\n
Key Support Levels and Momentum Signals<\/span><\/h2>\r\nGold\u2019s advance into new price territory has been accompanied by intermittent consolidation. Recent pullbacks have found interim support near the US$4,200\u2013US$4,250 zone. Prices remain comfortably above key moving averages, with the 50-day moving average at around US$4,164 per ounce acting as dynamic support on dips. Momentum indicators such as the RSI remain elevated but not in extreme overbought territory, suggesting strength without immediate exhaustion.<\/p>\r\n
Consolidation Seen as Healthy Pause<\/span><\/h2>\r\nIn the near term, any consolidation or pullback toward previous breakout zones is likely to be viewed as a healthy pause rather than a trend reversal. A sustained hold above major psychological levels keeps the upside bias intact, while a decisive break below short-term support would be required to signal larger corrective risks.<\/p>\r\n
Bigger Picture: Structural Bull Market Intact<\/span><\/h2>\r\nGold futures remain in a structurally bullish phase, driven by accommodative monetary expectations, sustained demand from global central banks, and persistent macro uncertainties. While consolidation is normal after strong gains\u2014nearly 64% year-to-date\u2014the broader trend continues to point toward underlying strength as markets navigate evolving economic data and policy signals.<\/p>\r\n
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From a technical perspective, gold futures continue to trade within a well-defined bullish structure, characterised by a series of higher highs and higher lows on both daily and weekly charts. A Fibonacci retracement drawn from the August lows to the record high of US$4,398 per ounce shows that COMEX gold futures corrected close to the 50% retracement level. Since then, prices have rebounded multiple times but have yet to decisively break above the previous record high.<\/p>\r\n
Key Support Levels and Momentum Signals<\/span><\/h2>\r\nGold\u2019s advance into new price territory has been accompanied by intermittent consolidation. Recent pullbacks have found interim support near the US$4,200\u2013US$4,250 zone. Prices remain comfortably above key moving averages, with the 50-day moving average at around US$4,164 per ounce acting as dynamic support on dips. Momentum indicators such as the RSI remain elevated but not in extreme overbought territory, suggesting strength without immediate exhaustion.<\/p>\r\n
Consolidation Seen as Healthy Pause<\/span><\/h2>\r\nIn the near term, any consolidation or pullback toward previous breakout zones is likely to be viewed as a healthy pause rather than a trend reversal. A sustained hold above major psychological levels keeps the upside bias intact, while a decisive break below short-term support would be required to signal larger corrective risks.<\/p>\r\n
Bigger Picture: Structural Bull Market Intact<\/span><\/h2>\r\nGold futures remain in a structurally bullish phase, driven by accommodative monetary expectations, sustained demand from global central banks, and persistent macro uncertainties. While consolidation is normal after strong gains\u2014nearly 64% year-to-date\u2014the broader trend continues to point toward underlying strength as markets navigate evolving economic data and policy signals.<\/p>\r\n
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In the near term, any consolidation or pullback toward previous breakout zones is likely to be viewed as a healthy pause rather than a trend reversal. A sustained hold above major psychological levels keeps the upside bias intact, while a decisive break below short-term support would be required to signal larger corrective risks.<\/p>\r\n
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