#Gold technical analysis# On Thursday (July 18), spot gold suddenly accelerated its rise in the Asian session, and the price just broke through the $2470/ounce mark, with a strong climb of nearly $13 on the same day. Economies.com, a well-known financial and economic information website, has recently written an analysis of the technical prospects for gold on the same day.

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

According to Economies.com, the technical indicators for gold have issued a call signal, which means that the gold price is expected to rise further, with a target of $2500.00/ounce.

The gold price touched $2483.69/ounce in the early New York session on Wednesday, hitting a record high. However, due to profit-taking by investors, the gold price subsequently fell sharply and hit a low of $2451.42/ounce.

As of Wednesday's close, spot gold fell $10.16, or 0.41%, to $2458.54/ounce.

Economies.com wrote in the article that the gold price approached $2450.00/ounce at one point, and then began to rebound, with the potential to recover the main bullish trend. From the 4-hour chart of gold, the stochastic indicator transmits a clear bullish signal, and in addition, the 50-period index moving average (EMA) provides support for the gold price.

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

Therefore, we will continue to predict a bullish trend for the gold price in the near future, with the next target at $2500.00/ounce. It should be pointed out that if the gold price falls below $2450.00/ounce, this will stop the bullish trend and push the gold price to undergo a bearish adjustment on the same day, with the first target testing the $2410.00/ounce area.

Economies.com predicts that today's gold price trading will be between the support level of $2450.00/ounce and the resistance level of $2490.00/ounce.

Economies.com stated that the expected trend for gold prices today is bullish.

At 14:32 Beijing time, spot gold was reported at $2471.34/ounce.