Gold Analysis 24/12: Hits New Record Above $4,500 (Chart)

(MENAFN- Daily Forex)

• Selling pressure on the US dollar, alongside rising global geopolitical tensions, has pushed gold bulls to surge strongly toward a new all-time record high.
• According to gold trading platforms, prices rose to break above the $4,500 resistance per ounce, reaching $4,525 per ounce-marking a new historical record for the gold market ahead of the close of 2025 trading, a year in which gold recorded gains of 70%.
• This paves the way for even stronger gains in the new trading year.

As mentioned previously-and as confirmed by gold analysts' forecasts-gold bulls are expected to remain in control of the trend, signaling the potential for further gains, despite all technical indicators reaching strong overbought levels. The focus will be more on the continuation of gold's supportive factors, namely: US dollar weakness, expectations of deeper future interest-rate cuts, and global tensions-most notably the ongoing US-China trade war.

Added to this are an uncertain political future in Venezuela and a lack of clarity regarding a final resolution to the Russia-Ukraine crisis. According to the latest updates on tensions, and citing US officials and publicly available flight-tracking data, the United States has deployed large numbers of special operations aircraft, forces, and equipment to the Caribbean region this week, giving Washington additional options for potential military action in Venezuela Tips:

Traders recommend continuing to apply a strategy of buying gold on every strong price pullback, while managing risk carefully, as holiday trading seasons typically see reduced liquidity and increased price volatility.

Will gold prices rise above $4,500 per ounce?
The answer, unequivocally: Yes.

Across trusted trading platforms, this holiday-shortened week is witnessing strong demand for safe-haven assets amid escalating geopolitical tensions, particularly between the United States and Venezuela. In the commodities markets, gold prices rose by 70% during 2025, heading toward their strongest annual gains since 1979. Silver prices also climbed by more than 135% over the same year.

EURUSD Chart by TradingView

On the economic front, according to the economic calendar results, US GDP growth reached 4.3% year-on-year in the third quarter-the highest level in two years-compared with 3.8% in the second quarter and expectations of 3.3%, based on revised estimates. This US growth primarily reflects increased consumer spending, exports, and government spending. Reportedly, consumer spending rose by 3.5%, the highest rate this year (versus 2.5% in Q2), driven by both goods (3.1% vs. 2.2%) and services (3.7% vs. 2.6%). This report aligns with the stance of hawkish monetary policymakers who oppose any further cuts to US interest rates.

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However, today's report on new US durable goods orders disappointed, as it declined by 2.2% in October compared with the previous month, reaching $307.4 billion in October 2025, following a revised increase of 0.7% in September. This decline was larger than market expectations, which had anticipated a 1.5% decrease.

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