1. Total Metals Corp (TSXV:TT, FSE: O4N)
Total Metals Corp. is focused on advancing high-grade gold projects to production.
As of the close on December 12, 2025, the gold market is poised to record a weekly gain of approximately 2.5% this week, potentially closing at a record level near the key resistance of $4,300 per ounce. Following a staggering 60% surge this year, market focus has shifted to: Are the supports at the current price level solid? Is there imminent pressure for a correction in the short term?
Despite potential volatility amplified by the holiday season, gold has demonstrated resilience near its historical highs, primarily supported by three key factors. Firstly, there are strong expectations for a shift in monetary policy. The market’s anticipation that the Federal Reserve will initiate an aggressive interest rate cut cycle in the new year is the most direct driver for gold prices recently. The market has priced in at least two rate cuts for 2026, which continues to suppress US real interest rates, reduces the opportunity cost of holding the non-yielding asset gold, and provides fundamental confidence for the bulls.
Secondly, a weaker US dollar and sustained central bank purchases are at play. The overall softness of the US Dollar Index provides support for dollar-denominated gold. More importantly, the persistent, large-scale gold purchases by global central banks since late 2022 (over 3,000 tonnes in the past three years, with an estimated additional 750-900 tonnes in 2025) have structurally altered the market’s supply-demand dynamics. This demand, driven by “de-dollarization” and geopolitical hedging, has built a solid “official demand floor” for gold prices.
Simultaneously, continuously rising technical bottoms provide ongoing momentum for the bulls. Technical analysis indicates that gold has successfully established a strong support range with step-like advances. The levels of $2,000 in 2024, $2,500 at the beginning of 2025, and the $3,000-$3,500 range during the summer have all transformed into solid foundations. Analysts point out that currently “$3,000 has become the new $2,000,” and the $4,000 zone is now seen as a new key technical support. This constantly elevating floor significantly limits the space for a deep correction in gold prices.
Next week, the market will encounter a critical event window that could serve as an important catalyst for gold to choose its breakout direction. US non-farm payrolls and CPI inflation data for October and November will be released in a batch. If the job market continues to slow (with an expected addition of only 50,000 jobs) and inflation remains stubbornly above 3%, concerns about economic slowdown and stagflation will intensify, further increasing pressure on the Fed to cut rates sooner and faster, thereby benefiting gold.
Following the Fed’s rate cut this week, interest rate decisions from the European Central Bank and the Bank of England are attracting significant attention. If the ECB maintains a hawkish stance supporting the euro, or if the BoE cuts rates further, both could indirectly provide additional upward momentum for gold through the exchange rate channel (a weaker US dollar).
Analysts note that thin trading volumes during the year-end holiday season may amplify price volatility, leading to “jerky” movements within a wide range (such as the $4,250-$4,380 range anticipated by some analysts). However, analysts generally believe that in such an environment, any decline caused by liquidity should be viewed as a “buying opportunity,” as the downside will be limited by the aforementioned strong fundamental supports.
History shows that gold bull markets typically end when the underlying drivers that fueled the rally fade, not simply because prices become too high. Currently, the factors supporting gold—geopolitical uncertainty, a global tendency towards policy easing, and central bank gold buying—show no signs of reversal in 2026. Therefore, even if the pace of gains may slow from this year’s explosive growth to a more sustainable double-digit rate, the upward trend itself remains intact. In the short term, key economic data may trigger volatility and determine the timing of a breakout, but any significant correction is seen as an opportunity to increase positions.
