Over the past 24 to 48 hours, gold prices have maintained strong momentum, delivering a notable breakout. Starting from yesterday’s closing price of $4,479.35, gold successfully surged past the $4,500 mark on December 24, reaching a high of $4,526.15. This rally reflects a sustained increase in safe-haven demand, especially as investors seek protection going into the year-end period.

The robust upward move in gold is closely linked to the weakening of the US dollar. The US Dollar Index has dropped nearly 10% this year, accelerating gold’s year-end rally. Additionally, reports hinting at potential Federal Reserve rate cuts in 2026 have positively influenced the market sentiment, supporting the ongoing bullish trend. Heightened geopolitical risks have further amplified demand for gold’s safe-haven qualities.

For the average investor, this trend is akin to stocking up on essentials before a big storm; gold is serving as a financial shelter attracting a flood of funds, pushing prices higher. Amid mixed US economic data, a softening dollar, and rising global uncertainties, gold continues to demonstrate impressive resilience and an upward trajectory.

Daily Chart

The daily chart shows a sustained uptrend for XAUUSD since mid-December, with consistent price action within an ascending channel. The price has broken key resistance at $4500, signaling strong bullish pressure. Moving averages, including the 50 and 100-day MAs, are aligned bullishly and sloping upward, reinforcing the positive trend. Bollinger Bands are widening, indicating increased volatility with room for further upward movement. The MACD histogram remains positive with a bullish crossover, confirming strong momentum in favor of buyers.

1H Chart

Analyzing the hourly chart over the past 3 to 5 days reveals a short-term oscillating uptrend for gold. The price briefly pulled back after breaking $4530 resistance but found solid support near $4500. The 20-hour moving average closely tracks price, with the MACD indicator crossing above the zero line, reflecting steady momentum. Bollinger Bands have tightened slightly, suggesting potential short-term consolidation before the next move. As long as price holds above key short-term averages and support, further upside is likely.

Technical Trend:  Sustained Strong Uptrend

On the technical front, the daily MACD remains in a bullish crossover phase, signaling stable and growing upward momentum. The hourly chart shows a hammer candlestick near the crucial $4500 support level, indicating strong buying interest and a probable continuation of the upward move over the next 24 hours. Immediate resistance lies between $4530 and $4540; a breakout above this zone could open the path toward all-time highs. Traders should monitor market reactions around the upcoming economic data release to capitalize on high-probability trading opportunities.

Today at 14:30 GMT+1, the US Weekly Jobless Claims report is scheduled, with a forecast of 222,000 compared to the previous 224,000. Better-than-expected data could strengthen the US dollar, potentially exerting downward pressure on XAUUSD. However, given the recent broad USD weakness and other fundamental support factors, any direct impact on gold prices is likely to be limited. Market participants will watch the release closely as it could influence short-term gold price volatility.

Resistance & Support

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