24K99 News On Friday (May 24), at the end of the Asian market, spot gold rebounded in the short term. The price of gold is currently around 2,337 US dollars/ounce. Economies.com, a well-known financial information website, wrote a new article on Friday to analyze the technical prospects of intraday gold.
According to Economies.com, the price of gold has reached its second target price of 2340.10 US dollars/ounce. However, if it returns above this level, the bearish outlook for gold prices may reverse in the short term.
(Screenshot source: Economies.com)
Spot gold closed down $50.16, or 2.11%, to $2328.41 per ounce on Thursday.
Economies.com wrote in the article that the price of gold closed below $2340.10 per ounce yesterday, which indicates that gold will continue its corrective bearish trend. The next major target for the gold price is expected to be a 38.2% Fibonacci retracement level of $2272.06 per ounce.
(4-hour spot gold chart source: Economies.com)
According to Economies.com, judging from the 4-hour gold chart, the price of gold is expected to fall further in the next few trading sessions due to bearish pressure from the 50-period exponential moving average (EMA). However, once the gold price breaks through $2340.10/oz, this could signal a reversal and attempt to return to the main bullish trend.
Economies.com predicts that today's gold price trading will be between the support level of $2305.00 per ounce and the resistance level of $2345.00 per ounce.
According to Economies.com, today's expected trend for gold prices is bearish.
At 13:42 Beijing time, spot gold was reported at 2337.30 US dollars/ounce.