Gold Supported by the Fed but Still Trapped Near 4,200 USDGold opened around 4,209 USD/ounce — about 10 USD higher than last weekend — mainly thanks to continued weakness in the US Dollar as the DXY broke below 99 and slipped to 98.9. At the same time, markets are broadly aligned with expectations that the Fed will cut another 0.25% at the 10 December meeting, creating a favourable backdrop for gold as both yields and USD remain depressed. From a macro perspective, gold is clearly being “supported,” but on the 2-hour chart this still looks like a rebound within the broader 4,200 consolidation box — not yet enough to confirm a new bullish leg.
Structurally, the medium-term trend remains upward, with gold forming higher lows since late November. However, what stands out is the inability of recent highs in the 4,245–4,250 region to surpass previous peaks. This signals weakening buying pressure as price approaches the upper range, locking the market inside the 4,185–4,230 zone — essentially a tight tug-of-war between buyers and sellers. While the macro trend remains bullish, the short-term structure is leaning toward a sideways–corrective mode, reflecting a market waiting for PCE data and the upcoming Fed meeting.
