Pepperstone

Following its Q2 FY26 earnings release on 10 December, Oracle raised its FY2026 capital expenditure plans by $15bn to $50bn.

Headline nonfarm payrolls rose by +50k in December, just a touch below consensus expectations for an increase of +70k, albeit within the typically wide forecast range, of +25k to +155k.

Looking back at 2025, gold delivered one of the most striking performances across global markets. Prices repeatedly pushed to new highs, breaking historical records more than 50 times, with peak gains reaching as much as 67%.

Key technical levels - Supply zone in focus The immediate focus for traders is the $4347–$4353 supply zone, which capped upside on both Friday and Monday.

Last week, gold showed resilience amid heightened volatility. Persistent dollar weakness, ongoing central bank purchases, and safe-haven demand driven by geopolitical uncertainty all supported the rally.

Rates On Hold: The ECB should maintain all policy settings at the December meeting, holding the deposit rate steady at 2.00%; Forecasts In Focus: December's staff macroeconomic projections will be they key area of focus, particularly whether an inflation undershoot is foreseen for 2028; Easing Cycle Over: The upcoming meet should do nothing to dispel the idea that the easing cycle is done & dusted, though policy tightening remains some considerable way off.

This week, market attention turns to the Fed's final rate decision of the year. Updates to the dot plot, adjustments to economic projections, and Powell's remarks could all be key factors influencing gold's year-end trajectory.

The irony is that Strategy is relying on fiat to fund the $807m per year in interest and dividend payments across its debt and preferred-share tranches.

Over the past week, precious metals broadly advanced, with gold bulls standing out.