December 31, 2025 | 02:08 pm
TEMPO.CO, Jakarta - An analyst from Dupoin Futures Indonesia, Andy Nugraha, projected that gold prices would see limited upside in Wednesday’s trading, December 31, 2025. He said that if buying pressure regains dominance, gold prices could rise to test resistance around US$4,403 per troy ounce.
“If buying pressure dominates the market again, XAU/US$ has the potential to move up and test the resistance area at around US$4,403,” Andy said in a written statement on Wednesday.
However, he cautioned that if the price fails to strengthen, gold could retreat toward a support level of approximately US$4,308 per troy ounce.
Gold prices had rebounded earlier during European trading on Tuesday, December 30, climbing to around US$4,350 after plunging roughly 4.5 percent in the previous session.
Entering Wednesday’s trading, Andy noted that downward pressure on gold prices remained evident. He said gold had fallen more than 4 percent from its all-time high of US$4,555, marking its weakest performance in recent months.
According to Andy, the selling pressure was largely triggered by the Chicago Mercantile Exchange (CME) Group’s decision to raise margin requirements for gold and silver futures contracts.
The move prompted widespread profit-taking and portfolio adjustments among market participants, particularly amid thinning liquidity ahead of the year-end holiday period.
Despite the recent sell-off, Andy observed that gold prices have begun attempting to rebound and stabilize above the US$4,300 level. He attributed this tentative recovery to renewed demand for safe-haven assets amid deteriorating global market sentiment.
Andy said gold price movements continue to be influenced by rising global geopolitical tensions. One key factor, he noted, was Russia’s announcement earlier this week that it would reassess its stance on peace talks with Ukraine following allegations of drone attacks on President Vladimir Putin’s residence.
Although Ukraine denied the claims, Andy said the situation has nonetheless heightened market anxiety over the risk of further conflict escalation.
Market attention, he added, is now turning to the upcoming release of the minutes from the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve.
The document is expected to offer additional clues on the future direction of US interest rate policy, which could significantly influence both the US dollar and gold prices.
While short-term volatility remains elevated and trading volumes are likely to stay thin, Andy assessed that the downside risk for gold prices is relatively limited.
He said expectations of a potential Federal Reserve interest rate cut in 2026, combined with persistent global economic uncertainty, continue to provide underlying support for gold prices.
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