Despite a slight decline, gold has risen approximately 1% this week, influenced by various US economic indicators. The initial jobless claims report reinforced investor confidence in a December Fed rate cut, even amid fluctuating inflation data. Key Drivers 1. Fed Rate Cut Expectations: Markets price in a 90% probability of a 25 basis point rate cut at the Fed’s December 17-18 policy meeting. Fed Chair Jerome Powell’s press conference will be critical for insights into 2025 policy directions. 2. Technical Levels on H4 Chart: Gold prices are approaching a bullish trendline, potentially confirming the year’s final rate cut. However, breaking the 2721 resistance zone remains a significant challenge. Upcoming Events The upcoming week, marking the final stretch before the Christmas holiday, is packed with key events: Central bank meetings: Fed, BoE, BoJ December PMI data from the US and Europe Outlook While gold faces near-term resistance at 2721, support from the bullish trendline could maintain the current upward trajectory. Market sentiment will heavily depend on the Fed’s tone and policy announcements.