#Gold Technical Analysis# 24K99 News. At the end of Wednesday's (July 17th) Asian market, spot gold fell sharply after hitting a historic high. Currently, the gold price has fallen to around 2464 US dollars/ounce, a decrease of 18 US dollars from the daily high. Economies.com, a well-known financial news website, has written the latest article on the technical prospects of gold today.
The analyst pointed out that due to the too rapid rise of gold in the short term, some investors choose to take profit, which puts short-term downward pressure on the gold price.
According to Economies.com, unless the gold price falls below 2450.00 US dollars/ounce, the gold outlook is still bullish.
(Spot gold 30-minute chart, source: 24K99)
Spot gold surged $46.55 and the increase was 1.92%, closing at $2468.70 per ounce on Tuesday.
In Wednesday's Asian session, spot gold reached a high of 2482.41 US dollars/ounce, breaking the historical record.
Economies.com wrote in the article that the gold price has confirmed a breakthrough of 2450.00 US dollars/ounce and successfully reached our new bullish target of 2475.00 US dollars/ounce, breaking the record high, indicating that the gold price is expected to test the next major target of 2500.00 US dollars/ounce.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com stated that, therefore, we expect the gold price to continue to rise in the near future. Looking at the 4-hour chart, the 50-period index moving average line (EMA) provides support for the gold price. However, due to the negative signal transmitted by the stochastic indicator, the gold price may experience some temporary sideways fluctuations. It should be noted that if the gold price falls below 2450.00 US dollars/ounce, this will stop the bullish trend and may force the gold price to undergo some short-term bearish adjustments before turning upward again.
Economies.com expects today's gold price trading to be between support levels of 2455.00 US dollars/ounce and resistance level of 2500.00 US dollars/ounce.
Economies.com stated that the expected trend for gold prices today is bullish.
At 14:02 Beijing time, spot gold was reported at 2464.25 US dollars/ounce.