Gold prices opened the week’s trading on a notable high, rising 2% to hit an all-time high of $4427 per ounce.

Gold is currently trading above the first weekly resistance level of $4385, looking to resume breaking records, heading towards the second weekly resistance level of $4431.

On the downside, If the yellow metal takes a breather and then falls below the weekly pivot point at $4328, it may come under negative pressure and retreat towards support levels at $4282 then $4225.

Coinciding with the Christmas holiday this week, markets are expected to see a decline in liquidity levels, as investors await the release of U.S. GDP data for the third quarter of 2025, with analysts expecting a GDP growth of 3.2%, a slowdown from a 3.8% expansion in the second quarter.

Markets are also awaiting the release of the U.S. Consumer Confidence Index (CB) for December, which reflects consumer optimism about the economy, yet may have a limited impact on market movements amid weak trading volumes.

Finally, investors are awaiting U.S. jobless claims data, with expectations pointing to a decline in the number of Americans seeking unemployment benefits to 220,000, down from the previous reading of 224,000. If this data comes in worse than expected, it could raise concerns about the health of the labor market, contributing to increased pressure on the dollar and positively affecting gold prices.