Gold faces resistance at 4500, and if it holds above, it could reach 4800/5000. As of December 23, 2025, gold is likely to experience high-level fluctuations upward in the coming year (2026), primarily driven by interest rate cuts, Central Bank gold purchases, risk aversion, and a tight supply-demand balance. Institutions generally project prices between 4500-4900 USD/ounce; a pullback may only occur in the event of an unexpected economic recovery or a return of Fed rate hikes/strong dollar.

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