#Gold technical analysis# 24K99: On Friday (August 30) in the Asian session, spot gold suddenly surged nearly $10 in the short term, with the price just breaking through $2523 per ounce and turning upward on the day. Economies.com, a well-known financial news website, recently published an article analyzing the technical outlook for gold today.
COMEX most active gold futures contract: On August 30, 14:28-14:29 Beijing time, 602 contracts were traded instantly in one minute, with a total contract value of 0.154 billion US dollars.
According to Economies.com, if the gold price rebounds to $2526 per ounce, the outlook for gold will turn bullish.
(Spot gold 5-minute chart Source: 24K99)
At 20:30 Beijing time on Friday, the US July Personal Consumption Expenditures (PCE) Price Index will be released. Economists expect the core PCE price index to rise by 2.7% annually in July, compared to a 2.6% increase in June.
ActivTrades senior analyst Ricardo Evangelista pointed out that if Friday's PCE data is lower than expected, it may create upward potential for gold as it could make people believe that the Fed will be more dovish.
According to Economies.com, based on the 4-hour chart of gold, the price is showing a downward trend from the high point, which supports the expectation of a decline in the price today. The next major target is to test the level of $2483.40 per ounce.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com said, therefore, we will continue to predict that the gold price will be in a bearish trend for a period of time in the future. If it falls below $2504.50 per ounce, this will help push the gold price to the above bearish target. However, on the other hand, once the gold price breaks through $2526.00 per ounce, this will stop the bearish scenario and cause the gold price to return to the main bullish trend.
Economies.com predicts that today's gold price trading will be between the support level of $2490.00 per ounce and the resistance level of $2526.00 per ounce.
Economies.com stated that today's expected trend for gold prices is bearish.
At 14:29 Beijing time, spot gold was reported at $2523.39 per ounce.