Gold prices are looking to end a stellar year with another push to the all-time highs set in October.
XAUUSD – Daily Chart
Gold prices are now hovering in the middle of a range between $4,243 and $4,380. The market could test one of those levels by year-end, and 2026 could be determined by which level sees a breakout.
Gold showed some selling pressure as investors took profits ahead of key U.S. data that will shape expectations for Fed rate moves next year. GDP and jobs data this week could push the price of the precious metal back into a bullish trend for the new year.
A combined employment report covering October and November is scheduled for release, but some key details will be missing due to a lack of data collected during the longest U.S. government shutdown in history.
U.S. nonfarm payrolls are expected to increase by 50,000 jobs in November after an anticipated decline in October. The unemployment rate is estimated at 4.4% for last month. Federal Reserve officials have been hinting at further rate cuts in the year ahead, which would boost gold prices if the data support that theory.
Federal Reserve Bank of Chicago President Austan Goolsbee projects more interest-rate cuts in 2026 than some of his colleagues. He said he dissented against the December cut last week as he wanted to wait for more inflation data.
A wave of U.S. data this week could determine how gold starts the new year, and the precious metal could see fresh inflows from portfolio managers in January.
