#Gold Technical Analysis# 24K99 News On Monday (September 23), in the afternoon session of the Asian market, spot gold rose again in the short term, with the price just reaching $2631.37 per ounce, hitting a historical new high. The well-known financial news website Economies.com published a new article on Monday analyzing the technical outlook for gold on the day.

According to Economies.com, the price of gold is approaching its first target price of $2634.50 per ounce. If it breaks through this level, it will pave the way for further significant increase in gold price.

Analysts pointed out that expectations of another significant interest rate cut by the Federal Reserve and the tension in the Middle East have stimulated the strength in gold prices. Previously, spot gold rose by $34.42, or 1.33%, to close at $2620.91 per ounce on Friday.

Federal Reserve Governor Christopher Waller, a highly influential figure, stated on September 20 local time that he supported a 50 basis points rate cut at last week's meeting. He also mentioned considering another 50 basis points cut if the job market deteriorates.

Following Waller's speech, based on CME Group's 'FedWatch' tool, traders currently estimate a 51% chance of another 50 basis points rate cut at the meeting on November 6th to 7th.

On August 23 local time, the Israel Defense Forces announced a 'massive attack' on targets of the Hezbollah in Lebanese territory. The IDF has not provided further details. Reports indicate that the attack resulted in one death and multiple injuries. There has been no response from Hezbollah in Lebanon.

It is reported that the main attacked area was the Bekaa Valley in eastern Lebanon. In addition, several locations in southern Lebanon, including Majayoun, Jezzine, and Tyre, were subjected to a series of air strikes by the IDF early that morning.

On September 20, Israel launched a 'precision strike' missile attack on the southern outskirts of Beirut, the capital of Lebanon, resulting in the deaths of 37 people, including at least two senior military commanders of Hezbollah in Lebanon.

Forex.com analyst Fawad Razaqzada's report suggests: "Geopolitical risks, such as ongoing conflicts in Gaza, Ukraine, and other places, will ensure the maintenance of safe-haven demand for gold."

Latest intraday trading analysis of gold

According to Economies.com, the price of gold has started trading today with a new upward trend and is approaching our target price of $2,634.50 per ounce. As shown in the chart, the gold price is trading within an upward channel, which supports expectations of further upward movement in the short term. We expect the gold price to break above the mentioned level and rise towards the next call target of $2,660.00 per ounce.

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

Economies.com states that the bullish trend is still valid. Looking at the 4-hour chart, the 50-period exponential moving average (EMA) supports the bullish expectations. It should be noted that if the gold price falls below $2,615.00 per ounce, this will halt the bullish trend and lead to some intraday bearish adjustments before once again turning bullish.

Economies.com expects today's gold price trading to be between the support level of $2,610.00 per ounce and the resistance level of $2,650.00 per ounce.

Economies.com stated that the expected trend for gold prices today is bullish.

At 13:51 Beijing time, spot gold was priced at $2631.22 per ounce.