Gold Is Holding Firm Into Year-End — A Santa Rally Is Setting UpGold on H4 continues to trade in a strong bullish structure, consolidating just below the key resistance zone around the previous high. Price is holding comfortably above the rising EMA base, with higher lows intact, confirming that buyers remain in control despite short-term pullbacks. This sideways-to-higher behavior beneath resistance signals absorption rather than distribution, as selling pressure fails to force acceptance below the support zone. Structurally, this is a classic bullish consolidation, where the market pauses to build liquidity before the next directional move.
From a macro perspective, the setup is supported by typical year-end dynamics. As liquidity thins into the Christmas period, markets often shift into range compression followed by sharp directional expansions. At the same time, expectations around U.S. monetary policy remain tilted toward easing in 2025, keeping real yields capped and limiting sustained USD strength. Combined with ongoing geopolitical and macro uncertainty, this environment continues to favor Gold as a defensive asset.
As long as price holds above the support zone and maintains acceptance below resistance, the bullish bias remains intact. A clean breakout and hold above resistance would likely open the path toward a new ATH, while failure to break simply extends consolidation rather than signaling a top. For now, this is a patience phase OANDA:XAUUSD is not stalling, it is positioning.
