#Gold Technical Analysis# On Thursday (July 25th), during the Asian session, spot gold maintained its sharp intraday decline and the price is currently slightly below $2370 per ounce, falling more than $27 during the day. Well-known financial information website, Economies.com, published a new article on Thursday analyzing the technical prospects of spot gold during the day.
According to Economies.com, the gold price has approached the second bearish target of $2366.10 per ounce after a sharp drop. Once it falls below the main bullish trendline, the gold price may face even greater decline.
Spot gold closed down 0.51% on Wednesday, at $2396.86 per ounce. On Thursday, the lowest price of gold was $2366.72 per ounce.
(Source: 24K99) 15-minute chart for spot gold.
Economies.com wrote in the article that the gold price showed a strong downward trend at the beginning of today's trading, falling below our first target price of $2390.00 per ounce, and approaching the second target price of $2366.10 per ounce. By carefully observing the trend chart, we found that the gold price has completed the construction of a bearish pattern, and it is expected to push the gold price below the main bullish trendline, and begin a bearish adjustment for intraday and short-term. Once it confirms the breakthrough of the bullish trendline mentioned above, it will cause the gold price to first test $2325.65 per ounce.
(Spot gold 4-hour chart Source: Economies.com)
Therefore, Economies.com predicts that the gold price will further decline in the next few trading periods. It should be pointed out that if the gold price breaks through $2390.00 per ounce and $2410.90 per ounce, it will stop the current bearish pressure and cause the gold price to return to the main bullish track.
Economies.com predicts that the trading of gold price today will be between the resistance of $2350.00 per ounce and the support of $2390.00 per ounce.
Economies.com stated that today's expected trend for gold prices is bearish.
At 13:32 Beijing time, spot gold was reported at $2369.40 per ounce.