#Gold Technical Analysis# 24K99 News, spot gold fell sharply in the Asian market on Monday (June 17) afternoon, with the price just breaking through the $2320/ounce mark. Economies.com, a well-known financial information website, has recently analyzed the technical prospects for gold on Monday.

According to Economies.com, a bearish signal for gold's technical aspect has been issued. As long as it remains below $2340.10/ounce, the outlook for gold will continue to be bearish.

(Spot gold 5-minute chart Source: 24K99)

Economies.com wrote in the article that after touching the key resistance level of $2340.10/ounce, the price of gold began to fall, and the stochastic indicator transmitted a clear bearish signal, waiting for this factor to drive the price of gold to continue to fall, reaching our main predicted target of $2272.06/ounce.

(Spot gold 4-hour chart Source: Economies.com)

Therefore, the scenario of a corrective bearish trend will still be effective; once it falls below $2272.06/ounce, the price of gold will continue to follow a bearish trend to $2217.10/ounce, which is the next bearish target. On the other hand, if it breaks through $2340.10/ounce, this will constitute a positive factor, causing the price of gold to stop the bearish adjustment and re-enter the main bullish track.

Economies.com expects that today's gold price trading will be between the support level of $2300.00/ounce and the resistance level of $2335.00/ounce.

Economies.com stated that today's expected trend for gold prices is bearish.

At 13:39 Beijing time, spot gold reported $2319.13/ounce.