Gold Faces Extended Bearish Pressure as Markets Price in Potential December Rate Hike

Precious metal markets are facing a sustained downward trend heading into late November 2026, driven by a dominant bearish market structure and shifting monetary policy expectations. Sellers continue to maintain tight control below the 4,000 level, characterized by a continuous pattern of lower highs and lower lows on the charts. Analysts note that the rising probability of a Federal Reserve interest rate hike in December is actively fueling this downward momentum for bullion.

According to technical assessments for the week of November 15–20, 2026, major resistance zones are firmly established between 4,140 and 4,150, with Fibonacci retracement levels pointing to crucial psychological thresholds around the 4,000 mark. A notable liquidity zone sits between 3,970 and 4,000, which could serve as a temporary area for pullbacks. Meanwhile, a strong demand zone is identified between 3,855 and 3,870, acting as immediate support for the metal.

Market scenarios indicate that a definitive breakdown beneath the 3,855 support area could accelerate selling pressure toward 3,800 and 3,780. Conversely, any short-term recovery stemming from current demand levels would likely face stiff resistance near the 3,920 order block and the 3,975 to 4,000 liquidity range. Traders maintain a strongly bearish bias unless bullion can reclaim higher resistance levels and reverse its prevailing structural trend.

What to watch next: Monitor price action around the 3,855 support level and upcoming Federal Reserve announcements regarding December interest rates.