#Gold Technical Analysis# 24K99 News On Wednesday (August 28), in the Asian market at the end of the day, spot gold continued its intraday pullback, and the price of gold has fallen below $2510 per ounce, a drop of nearly $16. The well-known financial news website Economies.com published the latest analysis of the technical prospects of gold on Wednesday.
Analysts pointed out that the US dollar index rebounded strongly in the Asian market on Wednesday, currently around 100.90, climbing over 30 points intraday. The strength of the US dollar puts pressure on the price of gold.
According to Economies.com, there are bearish signals in the technical aspect of gold, with the first bearish target set at $2483.40 per ounce.
(Spot gold 30-minute chart, source: 24K99)
On Tuesday, driven by the softness of the US dollar, spot gold closed up 0.26% at $2524.54 per ounce; the price of gold briefly reached $2526 per ounce during the New York session on Tuesday.
Economies.com wrote in the article that the price of gold rebounded significantly during the New York session yesterday and tested the key resistance level of $2526.00 per ounce. It is worth noting that the price of gold started to decline after today's trading, and it is expected to resume its bearish trend during the day, with the main target set at $2483.40 per ounce.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com stated that the stochastic indicator currently signals a negative outlook, supporting the expectation of a decline in the price of gold in the next few trading sessions. It should be noted that if the price of gold confirms a breakthrough of $2526.00 per ounce, this will stop the bearish scenario and lead to a return to the main bullish trend.
Economies.com expects that today's gold price trading will be between the support level of $2490.00 per ounce and the resistance level of $2530.00 per ounce.
Economies.com stated that today's expected trend for gold prices is bearish.
At 13:18 Beijing time, spot gold was trading at $2508.62 per ounce.