#GoldTechnical Analysis#24K99 News On Monday (September 30), in the afternoon of the Asian market, spot gold maintained its intraday decline, with the current price trading near $2656 per ounce; during the Asian market session, the price of gold once fell below $2650 per ounce. The well-known financial news website Economies.com published a latest article on Monday, analyzing the technical outlook for gold on the day.

According to Economies.com, the price of gold is currently under bearish pressure, with the first bearish target set at $2614.00 per ounce.

Spot gold closed lower by 0.53% last Friday, at $2658.04 per ounce.

(Screenshot source: Economies.com)

Economies.com wrote in the article that the price of gold closed significantly lower last Friday, once again closing below the main bullish channel resistance line, implying that the price of gold will experience some intraday bearish adjustments in the next few trading sessions, targeting $2614.00 per ounce. This is the first target price for a bearish view on gold.

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

Economies.com states that, therefore, it predicts that the price of gold will show a bearish tendency today. If the price of gold falls below $2614.00 per ounce and $2604.00 per ounce, this will push the price of gold to face a greater decline, and is expected to target $2579.00 per ounce and $2555.00 per ounce.

On the other hand, breaking through $2666.00 per ounce is crucial for gold to return to the main bullish track, in which case, the price of gold is expected to further rise to $2700.00 per ounce.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2630.00 per ounce and resistance level $2670.00 per ounce.

Economies.com stated that today's expected trend for gold prices is bearish.

At 14:10 Peking time, spot gold is trading at $2656.30 per ounce.