Experts predict gold prices will remain stable around $4000.

Last week, global gold prices continued to face slight downward pressure, but remained stable around $4,000 per ounce. Despite supportive developments such as interest rate cuts by the US Federal Reserve (Fed) and US-China trade negotiations, global gold prices have yet to break through.

At the start of the week, spot gold prices were at $4,104.84 per ounce and quickly rose to a weekly high of $4,110 per ounce before reversing sharply downwards. By the beginning of trading in North America, world gold prices had fallen to $4,020 per ounce, then breached the $4,000 per ounce mark, hitting a low of $3,978 per ounce by midday on Monday.

This decline continued into the evening session, when gold failed in its attempt to recover above $4,018 per ounce. By early the next morning, the precious metal fell sharply for the second time, touching $3,886 per ounce, its lowest level of the week.

However, world gold prices subsequently recovered quite strongly, rising to $3,969 per ounce on Tuesday afternoon and reaching $4,026 per ounce on Wednesday morning. But this increase quickly stalled when a "double top" pattern appeared around $4,030 per ounce, leading to a new sell-off.

After Federal Reserve Chairman Jerome Powell stated that a December interest rate cut was "not yet guaranteed," world gold prices fell to $3,929 per ounce on Wednesday afternoon.

After falling to a low of $3,920 per ounce overnight, world gold prices gradually recovered and stabilized. By Thursday morning, spot gold had returned to $3,975 per ounce, then surpassed the $4,000 per ounce mark, reaching $4,037 per ounce in the evening.

Consequently, world gold prices traded within a range of $60/ounce around the $4,000 mark, fluctuating slightly between $3,970 and $4,030/ounce as the market headed towards the end of the week.

According to experts, the fact that world gold prices are maintaining balance in this range indicates that the market is entering a consolidation phase after the record-breaking surge earlier this month.

The latest Kitco News survey shows analysts are taking a neutral stance. Colin Cieszynski, chief strategist at SIA Wealth Management, believes gold prices need more time to stabilize.

Conversely, Rich Checkan, President of Asset Strategies International, predicts that the downward trend is not yet over and world gold prices may continue to test the area below $4,000 per ounce before rising again. He believes that profit-taking, a stronger US dollar, and hawkish statements from the Fed are the reasons for the short-term pressure on world gold prices.

According to Alex Kuptsikevich, senior analyst at FxPro, the correction in world gold prices is not yet over. The strong recovery of the US dollar and the rise in US bond yields have pushed world gold prices below the $4,000/ounce mark.

He argued that gold is gradually losing its key supporting factors. Previously, gold prices reached record highs due to expectations of aggressive monetary easing by the US Federal Reserve (Fed), concerns about the 100% tariffs that President Donald Trump threatened to impose on China, geopolitical tensions, and a wave of strong gold purchases by central banks.

However, those supporting factors are gradually disappearing. The White House is no longer putting as much pressure on the Fed as before, while the US and China have found common ground in trade negotiations. Tensions in the Middle East have eased, and the global economy is showing good resilience to tariffs.

Furthermore, the Fed has become more cautious about cutting interest rates, and central banks' gold purchases are trending downward. These developments have left the price of gold lacking the momentum to continue its strong upward trend.

Kuptsikevich compared the current period to two historical periods, 1979 and 2011, when world gold prices rose sharply and then plummeted before entering a prolonged accumulation cycle.

According to him, history shows that after each breakout and correction, gold usually stabilizes within a certain trading price range. He warned that in the coming weeks, world gold prices still face the risk of further declines before finding a new equilibrium point.

Meanwhile, Michael Moor, founder of Moor Analytics, believes the trend for global gold prices remains "slightly bearish" despite short-term bullish signals. He stated that, according to long-term technical analysis, gold's previous breakthroughs above key price levels have generated gains of hundreds of dollars, but these signals are currently pausing.

Moor details the technical milestones that gold has broken: surpassing $33,411 per ounce resulted in a gain of over $1,000, and other breakthroughs such as $34,186, $37,143, or $38,828 per ounce also generated significant price increases.

However, when world gold prices fell to around $41,960 per ounce, bearish signals began to appear, pulling prices down by more than $290. He warned that if gold falls below $39,518 per ounce, the correction could continue, with the possibility of losing another $110 to $520 per ounce.

According to Moor, world gold prices may be entering the final stage of a correction cycle after the recent sharp rise. He believes that if gold falls to the $3,870-$3,880/ounce range, this could be a "tireless" zone before forming a new bottom.

Both Kuptsikevich and Moor agree that while there may be short-term pressure, in the long term, world gold prices will maintain a solid foundation thanks to their protective asset status and the demand for safe-haven investments from large funds and central banks.

Overall, analysts believe that world gold prices will continue to fluctuate within a narrow range around $4,000 per ounce before establishing a new trend. If the US dollar weakens or the Fed returns to deeper interest rate cuts in 2026, the possibility of world gold prices reaching their historical peak again is entirely plausible.