Gold market analysis

"Gold Price Likely to Remain Range-Bound in the Short Term"  
Completed on 12/8/2026 at 11:54  

Yesterday, gold prices surged early in Asian trading to a high of $4,435.33 before retracing sharply and fluctuating significantly. The price action formed a narrowing triangle pattern, with the day's low hitting $4,356.87 during the initial phase of European trading, while the rebound peak reached $4,404.43 shortly after New York opened. However, today in early Asian trading, gold regained momentum, breaking above yesterday’s New York rebound high to reach $4,415.71.

The earlier forecast for gold movement was fairly accurate. Although prices broke through the $4,410 level—the Gann 270-degree vertical angle—and the 50% retracement level of the recent mid-term downtrend at $4,416.97, they did not advance far beyond. The lows remained only about $6 below yesterday’s indicated support level of $4,362.12. On the 5-minute chart, gold briefly dipped to $4,360.42 this morning before recovering. It has since pulled back from $4,415.71 and is currently testing the 20SMA (currently around $4,405), likely to next test the 50SMA (around $4,391).

Moreover, since yesterday’s European session, gold has generally moved within a balanced ascending channel, ranging between approximately $4,360 and $4,410. Tonight, the U.S. Department of Labor will release July CPI data, expected to show an annual increase of 3.4%. As long as inflation does not drop significantly toward 3%, $4,410 will remain the key resistance level. I anticipate that if gold remains strong, it will continue to trade above $4,360, with the $4,410–$4,460 zone acting as resistance, while the $4,360–$4,310 range will serve as support. Gold is expected to continue moving within this short-term range-bound pattern. The release of tonight’s July CPI data increases the likelihood of further pullbacks!

The above information is for reference purposes only and does not constitute investment advice.