#Gold Technical Analysis# 24K99 news On Thursday (June 20), the spot gold price showed significant fluctuations in the Asian market and significantly fell back after approaching the $2340/ounce mark. FXStreet analyst Christian Borjon Valencia wrote an analysis of the technical trend of gold price on Thursday.

Earlier, the gold price once touched $2339.04/ounce, refreshing the intraday high; currently, the gold price has fallen to around $2332/ounce, and the intraday increase has narrowed to about $4.

(Source: 24K99) 15-minute chart for spot gold.

Valencia pointed out that from the daily chart of gold, the head and shoulders pattern still exists. Because the relative strength index (RSI) is hovering near the 50 neutral line, buyers and sellers currently do not control the situation. However, due to the existence of the head and shoulders pattern, gold may fall in the short term.

Valencia said that if the gold price falls below $2300/ounce, the next support level will be the low of May 3, $2277/ounce, followed by the high of March 21, $2222/ounce.

If the gold price falls below the above levels, gold may further slide, and sellers will aim at the target price of the head and shoulders pattern, $2170-2160/ounce.

(Spot gold daily chart source: FXStreet)

On the other hand, Valencia added that if the gold price continues to rise and breaks through $2350/ounce, the key resistance level will be the cycle high of June 7, $2387/ounce. After that, the gold price will challenge $2400/ounce.

At 11:05 Beijing time, spot gold reported $2332.55/ounce.