After reviewing the movements of on various chart patterns since November 25 this year, I anticipate that the gold futures are poised to lose some of their gains before the end of the year, as year-end profit-taking has eased and investors have reassessed a range of geopolitical tensions.
On Monday, gold futures, after testing a fresh record high at $ 4,584.24, retreated approximately 5.80% before closing the day at $ 4,343 amid growing hopes of easing tension between Russia and Ukraine, following some positive developments on Sunday.
On Tuesday, after opening at $4361.15, tested a high at $4394.60 and a low at $4339.55; currently trading at $4386.50, facing a significant resistance at the levels tested on Oct. 20, 2025, look ready to repeat one more pull down of approximately 8.48% from here if not able to sustain above the significant resistance at $4398 in today’s session as the futures are still trying to hold above the significant support at the 20 EMA ($4366) while trading below the immediate resistance at the 9 DMA ($4324.60).
Undoubtedly, if the gold futures fail to defend the immediate support at the 20 EMA, could test the next support at the 50 EMA ($4220) where a breakdown could push the futures to test the next support at the 100 EMA ($4012.64) within two trading session as seen on Oct. 20 and 21, 2025 when the gold futures met a slide of approximately 8.48% after facing stiff resistance at the same levels as the hopes for easing global tensions are still intact to avoid regional tussles which could turn scarier.
I find that Tuesday experienced a massive sell-off in the precious metals, as and , which had surged to multi-year or record peaks alongside gold, slumped sharply as traders exited long positions.
This pullback came despite a broadly supportive backdrop for bullion, including persistent geopolitical risks, a weaker U.S. dollar, and expectations of further monetary easing by the Federal Reserve in 2026.
Investors are now awaiting the release of minutes from the Federal Reserve’s latest policy meeting on Tuesday, which are expected to offer further insight into policymakers’ views on inflation, economic growth, and the outlook for interest rates, and could influence expectations around the peace and timing of further easing.
On the other hand, the Bank of Japan’s rate hike policy could influence the other global central banks in 2026, which could be supportive for gold bears.
Disclaimer: Readers are advised to take any position in gold at their own risk, as this analysis is based only on observations.
