On November 27, Wednesday, we noted that renewed market expectations of a Fed rate cut in December supported a moderate rebound in gold prices, with short-term technical indicators also signaling upward potential. We recommended monitoring support at $4,100 and resistance near $4,150, with a breakout above potentially targeting $4,200.

Subsequent trading saw gold break above the $4,150 resistance in early Asian hours, hitting a one-week high of $4,169. Throughout the Asian and European sessions, repeated attempts to push higher met resistance near this level. Just before the U.S. session, gold briefly touched a daily high of $4,173 before retreating to $4,136, then rebounding to $4,171—maintaining a steady uptrend.

Analysts at Wolfinance highlighted that gold's recent gains stem from growing expectations of a December Fed rate cut. Earlier, delayed U.S. economic data releases and cautious remarks from Fed officials, including Chair Powell, had pressured gold. However, after key data was published, dovish comments from the Fed’s third-in-command—suggesting room for further easing—boosted December rate-cut odds from below 40% to over 80%. Additionally, the leading candidate for next Fed chair had previously advocated rate cuts, reinforcing market dovish sentiment and supporting gold.

On the daily chart, gold’s moderate rebound reached a one-week high, showing short-term bullish momentum. Key support lies at Wednesday’s low of $4,130—where buyers stepped in after a pullback—followed by the psychological $4,100 level. Resistance is seen at Wednesday’s high of $4,173, where multiple rallies stalled, with $4,200 as the next target. The 5-day MA and MACD are forming a golden cross, while the KDJ and RSI indicators also point upward, suggesting further upside potential.

Intraday outlook: Strengthening bets on a December Fed rate cut continue to underpin gold’s gradual rise. Trading strategy favors a range-bound approach, with support at $4,130 and $4,100, and resistance at $4,173 and $4,200.