#Gold Technical Analysis# 24K99 News, on Thursday (August 1st), the spot gold price was around $2446 per ounce in the Asian market; the gold price broke through the $2450 per ounce mark. Economies.com, a well-known financial news website, published a new article on Thursday analyzing the technical prospects of gold for the day.
According to Economies.com, the gold price has successfully achieved its first target price of $2450 per ounce. Currently waiting for the gold price to recover the upward trend and aim at the next target price of $2483.40 per ounce.
(Screenshot source: Economies.com)
Due to the signal of interest rate cuts released by the Federal Reserve and the increasingly tense situation in the Middle East, the spot gold closed at $2446.91 per ounce on Wednesday, up $36.40, or 1.51%; in the early trading in the Asian market on Thursday, the gold price soared to $2458.38 per ounce.
Regarding the Federal Reserve, it kept the benchmark interest rate unchanged on Wednesday. Federal Reserve Chairman Powell said at a news conference that the second-quarter inflation data increased the Fed's confidence and made "further progress" in achieving the 2% inflation target. If the inflation test is met, the Fed may cut interest rates as early as September.
Regarding the situation in the Middle East, the latest report from The New York Times on Wednesday stated that three Iranian officials said that Iran's Supreme Leader, Ayatollah Ali Khamenei, ordered Iran to directly strike Israel in retaliation for the killing of Hamas leader Ismail Haniyeh in Tehran.
Economies.com wrote in the article that the gold price has successfully reached our first waiting target price of $2450 per ounce. Due to the negative signals transmitted by the stochastic indicators, gold has shown some slight bearish tendencies. Currently waiting for positive momentum to accumulate to help push the gold price back towards an upward trend and rise to the next major target price of $2483.40 per ounce.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com said that therefore, we will continue to predict that the gold price will be in a bullish trend for the next period of time. It should be pointed out that if the gold price falls below $2428.00 per ounce, this may push the gold price to bearish and test the call trendline (around $2379.00 per ounce), and then try to rebound.
Economies.com expects today's gold price trading to be between the resistance level of $2465.00 per ounce and the support level of $2425.00 per ounce.
Economies.com stated that the expected trend for gold prices today is bullish.
At 13:26 Beijing time, the spot gold reported $2446.12 per ounce.