Gold Price Forecast: Gold (XAUUSD) is shrugging off Tuesday’s small dip and pushing to multi-day highs above $4,170 per troy ounce on Wednesday. The move higher comes as the US Dollar (USD) loses some steam again, even though US Treasury yields are trying to rebound across the curve.
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Zooming out, the yellow metal is still on track for its fourth straight monthly gain, building on October’s impressive rally toward the $4,400 mark. Geopolitical tensions and ongoing chatter about more Federal Reserve (Fed) rate cuts have kept the bullish momentum alive for the time being.
That said, a friendlier risk mood, especially if peace-talk prospects between Russia and Ukraine improve, could limit safe-haven demand and cool some of the upside.
Even so, the broader narrative continues to favour bullion: Markets are leaning into the idea that the Fed could deliver another cut at the December 10 gathering, helping support prices on any dips.
Right now, traders are assigning around a 76% probability to a December cut and are pricing close to 91 basis points of easing by end-2026. Meanwhile, despite stronger-than-expected US Initial Jobless Claims and decent Durable Goods Orders, the Greenback is still having trouble finding buyers, even as Treasury yields grind a little higher on Wednesday.
With US markets heading into the Thanksgiving Day holiday on November 27, the precious metal could spend some time consolidating recent gains as volatility typically thins out around the holiday period.
Technically speaking
If buyers stay in charge, the first hurdle to watch is the November peak at $4,245 (November 13). Beyond that, the big prize remains the record high at $4,380 (October 17).
On the flip side, if sellers push back, the 55-day SMA around $3,977 should offer an initial cushion. Below that, there’s support at the weekly floor of $3,886 (October 28), followed by the 50% Fibonacci retracement of the May–October upswing near $3,750.
For now, momentum still leans bullish: the Relative Strength Index (RSI) is heading toward 60, and with the Average Directional Index (ADX) holding above 19, the underlying trend looks like it’s slowly gaining strength.
⚠️ Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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