On December 9, Monday, spot gold prices experienced a slight decline, closing at $4,190.48 per ounce, down 0.2%. Meanwhile, U.S. gold futures settled 0.6% lower at $4,217.7 per ounce. The market took a brief pause ahead of the Federal Reserve's policy meeting, with investors eagerly awaiting the latest remarks from Fed Chair Jerome Powell. Geopolitical tensions, dollar fluctuations, and unexpected events such as the earthquake in Japan are quietly influencing gold's trajectory. Despite the short-term dip, expectations of a hawkish Fed rate cut, geopolitical instability, currency volatility, and bond market reactions are laying the groundwork for gold's long-term upward trend. Experts predict that the $5,000 target is not far-fetched, and investors should seize the current cautious sentiment as an opportunity to position themselves. Gold is not just a metal but a stabilizing force amid global uncertainties, poised to shine in the 2026 economic outlook.
From a technical perspective, the market remains largely unchanged in its oscillating pattern. Neither the daily nor the 4-hour chart shows significant technical shifts. The daily chart still positions gold above the middle Bollinger Band, indicating absolute strength, though the market currently lacks upward momentum. A sustained bullish move may emerge after this week's Fed rate decision, contingent on strong daily candle developments. The 4-hour chart reflects a standard consolidation range, with Bollinger Bands narrowing and moving averages converging. Monday's decline appeared to signal a bearish breakout, but subsequent bullish candles have pushed prices higher, confirming the range-bound nature. As long as the range holds, there's no need to overemphasize breakout scenarios.
Today's strategy suggests initially watching for gains before anticipating a pullback. The Asian and European sessions may see a direct rise, with aggressive longs possible at $4,175, targeting the $4,230 high. If resistance holds, a short-term bearish view is warranted, with potential pressure-induced declines during the U.S. session. A breakout would require reassessment of bullish momentum sustainability.
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