Gold Just Hit the Ceiling — Major Drop Loading?

Gold appears to have completed its move for now, having posted a high today exactly as anticipated. At this stage, we believe a potential top may already be in place, and we will now be looking for bearish confirmation.

Our downside target remains around the 3650 area by 10th December 2025, which would complete the expected zigzag correction before a strong bounce from that zone. Notably, 10th December is also a key Gann date and coincides with the FOMC meeting, creating a powerful confluence of timing factors.

Our invalidation level is 4245 — a break above this level would negate the bearish scenario and open the door to significantly higher prices.