#Gold Technical Analysis# 24K99 News On Tuesday (September 24th) during the Asian session, spot gold continued to rise in the short term, with the price just reaching $2638.08 per ounce, hitting a historical high. Gold prices rose nearly $10 within the day. The well-known financial news website Economies.com published the latest analysis of the gold's technical outlook for the day.

According to Economies.com, if the gold price breaks through the resistance level of $2644.65 per ounce, this will open up room for further price increases.

(Source: 24K99) 15-minute chart for spot gold.

TD Securities' Head of Commodity Strategy, Bart Melek, stated that the regional instability in the Middle East may further drive up gold prices.

FXStreet analyst Christian Borjon Valencia pointed out that due to the expected rate cut by the Federal Reserve in November and the decrease in U.S. Treasury yields, the gold price hit a historical high. The increasing tension between Israel and Hezbollah has enhanced the safe-haven appeal, potentially further boosting demand for gold.

On the evening of September 23, the Lebanese Ministry of Public Health issued a statement indicating that continuous Israeli airstrikes in multiple areas of Lebanon had resulted in 492 deaths and 1645 injuries. The airstrikes were concentrated in towns and villages in southern Lebanon, as well as the Beqaa and Baalbek regions in eastern Lebanon. The casualties include 35 children and 58 women.

Israeli Defense Forces spokesperson Haggai said on the evening of September 23 that in the past 24 hours, the IDF carried out large-scale airstrikes on over 1300 'Hezbollah targets' in Lebanon, hitting more than 1300 'Hezbollah targets'.

Gold Trading Analysis

Economies.com wrote in the article that, as shown in the chart, the gold price is trading within the main call channel. We expect the price of gold to continue its call trend, waiting for the gold price to test the above channel resistance at $2644.65 per ounce. It should be noted that if the gold price breaks through the above level, this will push the gold price up to the next call target of $2660.00 per ounce.

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

Economies.com stated that, therefore, it is predicted that the gold price will show a call bias today. It should be considered that once the gold price falls below $2614.00 per ounce, this will stop the call scenario and push the gold price into a short adjustment before turning back to an uptrend.

Economies.com expects that today the gold price will trade between the support at $2615.00 per ounce and the resistance at $2650.00 per ounce.

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

At 12:56 Beijing time, spot gold was reported at $2638.06 per ounce.