#Gold Technical Analysis# 24K99 News, in the late Asian market on Wednesday, spot gold accelerated in the short term and is now approaching the $2,420/ounce mark. Economies.com, a well-known financial news website, analyzed the technical prospects of gold intraday in its latest article on Wednesday.

Despite the rebound in gold price, according to Economies.com, the gold price outlook is still bearish unless it breaks through $2438.60/ounce.

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

Spot gold closed up $13.01, or 0.54%, at $2409.16/ounce on Tuesday.

As written in the article by Economies.com, the gold price currently shows an upward trend and has broken through the first resistance level of $2410.90/ounce. This suggests that the gold price is trying to stop the bearish adjustment dominating recent trades, but we note that the stochastic indicator has clearly lost positive momentum and currently shows an overbought signal, waiting for this factor to drive the gold price to recover its downtrend and test the $2390.00/ounce level again.

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

Therefore, according to Economies.com, we will continue to predict that the gold price will be in a bearish trend in the near future. It should be noted that if the gold price continues to rise and breaks through $2438.60/ounce, this will stop the expected decline and lead to a return to the main bullish track.

Economies.com expects that today's gold trading price will be between the support level of $2395.00/ounce and the resistance level of $2430.00/ounce.

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

At 14:15 Beijing time, the spot gold is quoted at $2418.80/ounce.