World gold ended last week at $2,633/ounce, down from the beginning of the week at $2,648.6. This is considered a bad signal for the next steps of gold.

Also last week, the US November employment report increased slightly, reaching 227,000 jobs, not strong enough to impact the US Federal Reserve's interest rate cutting cycle. As a result, gold will continue to face more difficulties in the next 10 days.

According to an article by author Neils Christensen on Kitco, analysts predict that gold prices will be stuck in the range of 2,600 to 2,700 USD/ounce in the next 10 days . Gold is in need of a strong catalyst to push the price above the above resistance level.

Economists note that the next piece of the economic puzzle will come next week, with November U.S. consumer price index and producer price index data. Additionally, if housing costs fall, helping the core CPI fall, creating room for the Fed to cut interest rates, this will support gold prices.

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Gold is stuck in a low price range, needing a new catalyst. Photo: Kitco

However, the inflation index has been moving sideways for many months, with no signs of continuing to decrease to the target of 2%. Therefore, analysts believe that inflation data next week will remain stable, not strong enough to be a catalyst for gold prices to rise.

Christopher Vecchio, head of futures and FX at Tastylive, said he does not see any reason for gold to rise sharply in the coming days. He added that in the medium term, gold is supported, but in the short term, the downside risk is increasing as speculative sentiment remains high.

“For gold to gain fresh momentum, prices need to clear the initial resistance level of $2,725/ounce,” Christopher Vecchio noted.

Despite growing downside risks, gold remains in an uptrend over the long term, according to Jesse Colombo, independent precious metals analyst and founder of the BubbleBubble Report.

“If the gold price can fall to $2,500/ounce, it can pull the gold price uptrend down, but if it remains above $2,600/ounce, the uptrend is still intact,” analyzed Jesse Colombo.

Ricardo Evangelista, senior market analyst at ActivTrades, said that gold prices will stabilize before the Fed's monetary policy meeting (December 18).

Thus, in the next 10 days, gold will still be subject to many factors, both positive and negative. Of which, the positive factor from geopolitical risks is still very complicated. Meanwhile, the factors of rising US Treasury yields and the strengthening USD will have a negative impact on gold prices.

The domestic gold market continues to be affected by world gold prices. Last week, SJC gold rings and gold bars did not record a sudden increase. Notably, the market recorded the first time the buying price of Doji plain rings exceeded the buying price of gold bars.

The domestic gold market is also in dire need of a catalyst from world gold prices to break through.

Gold prices increase, "sharks" compete to take profits . World gold prices continuously set new records, exchange-traded funds (ETFs) - "sharks" in the gold market - take advantage to take profits.