On December 28, 2025 (GMT-5), XAU/USD extended its historic bull run to a fresh all-time high of roughly $4,531.8, with the pair sustaining positive momentum through the session to close 1.17% higher. Trading within a defined range of $4,500 (key support) to $4,550 (near-term resistance), the upside was underpinned by a cohesive set of fundamental drivers: reinforced market expectations for an initial Federal Reserve rate cut in March 2026, a pronounced year-to-date weakening of the U.S. dollar index (down in excess of 10%), elevated safe-haven flows amid lingering geopolitical risks—specifically Red Sea shipping disruptions and Middle East unrest—consistent central bank gold acquisitions, and expanding inflows into gold-backed ETFs such as SPDR. This latest advance pushed gold’s year-to-date returns beyond 70%, positioning the precious metal for its strongest annual performance in nearly five decades, while investor sentiment remained skewed to the upside (73% forecasting further gains in the coming week). That said, the short-term market bias has shifted to bearish, with a projected target price of $4,506.76.
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