**Spot Gold Price Review**

On Friday during the US session, gold continued to inch higher, with the spot price rising by 0.3% to $4,338. The weekly gain is expected to reach 0.6%, just shy of October's all-time high. As the weekend approaches and Christmas nears, market trading activity has decreased.

**Market Outlook**

US November CPI data unexpectedly came in softer, which typically would weaken the dollar and stimulate a rebound in US stocks. According to conventional logic, a weaker dollar should be bullish for gold — but this time, interestingly, gold prices initially retreated, then found support at lower levels, followed by a rebound and resumed upward movement. This zigzag pattern actually reflects differing market participant expectations for the future. In the short term, the outlook for gold remains bullish, but entering 2026, the environment gold faces may become more uncertain.

**Technical Analysis by Cycle**

This week, gold maintained an upward trend with clear volatility patterns: strong rally on Monday, slight correction on Tuesday, oscillation upward on Wednesday, and a spike followed by a pullback on Thursday. Notably, the Thursday high-volume move reveals two key pieces of information:

First, the December high for gold is essentially confirmed around 4375, with little chance of a breakout.

Second, in late December, gold is likely to oscillate within a high-range zone, with room for correction worth monitoring.

From the daily chart perspective, although a bearish candle was formed at a high on Thursday, suggesting a possible breakout above the upper band, the quick pullback and close at the moving average support indicate that bullish momentum remains intact. Moving to the H4 chart, the overnight rally did not cause the Bollinger Bands' upper band to open up, and the bands are still narrowing, showing clear consolidation.

**Key Levels and Trading Strategy**

The major range is locked between 4375 and 4250, with a smaller focus zone between 4350 and 4280. As long as price remains within this framework, sustained bullish or bearish momentum is unlikely to develop.

Expect market volatility on Friday to be moderate. For intraday trading, consider going long at support around 4310 during Asian and European sessions, and if the 4350 high is not broken during the US session, look for short-term opportunities. The overall approach is to prioritize buying on dips, with short-term rebounds used as additional entries. Short-term resistance levels are focused on 4360-4380, while support levels are around 4310-4290.