Peter Smith
⬤ Gold just carved out a brand new all-time high in the most recent session, pushing December's already impressive rally even further. The chart reveals price breaking cleanly through previous resistance and holding strong above the monthly R1 pivot, with spot trading in the $4,430-$4,450 range. This move clears up where things are headed in the short term—we're looking at an accelerated upside scenario into year-end, not some drawn-out sideways grind.
⬤ Technically speaking, the monthly pivot framework is now running the show. Once gold punched through the R1 pivot around $4,331, it set its sights on the monthly R2 level sitting near $4,446. This zone typically acts as a breather spot after strong directional runs. Recent candles show price approaching R2 with solid, controlled momentum—buyers are still engaged, and there's no real sign of immediate exhaustion setting in.
⬤ Further up the chart sits the monthly R3 pivot around $4,647. But here's the thing—given how much distance remains to that level and how little time is left in December, a straight shot to R3 this month looks pretty unrealistic. What makes more sense is some consolidation or back-and-forth action near R2 before any fresh directional push. That's basically what gold tends to do after hitting new all-time highs anyway.
⬤ This matters beyond just gold itself. When gold breaks records and holds there, it usually signals bigger shifts—macro positioning changes, liquidity moving around, evolving risk appetite across markets. As long as gold stays above those key pivot support zones, the technical picture keeps favoring higher prices heading into January.
Peter Smith
