#GoldTechnical Analysis#24K99 News On Tuesday (October 8th), in the late Asian market, spot gold maintained a downward trend intraday, with the current price falling to around $2636 per ounce. Economies.com, a well-known financial news website, published a new analysis on the technical outlook for gold on Tuesday.

According to Economies.com, the gold price is waiting to break below $2635.06 per ounce. If so, this will open up further significant downside potential for the price of gold.

(Screenshot source: Economies.com)

Spot gold closed down 0.41% on Monday, at $2642.28 per ounce.

Economies.com mentioned in the article that the gold price is showing a new downward trend, putting pressure on $2635.06 per ounce. Currently waiting for the price to break below this level to activate the negative effects of the double top pattern as shown in the chart, confirming the start of a bearish adjustment targeting the uptrend starting from the $2471.82 per ounce area. In this case, the first bearish target price for gold is at $2603.87 per ounce.

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

Economies.com stated that we will continue to be bearish in the future. It is important to consider that if the gold price breaks through $2662.00 per ounce, this will stop the bearish pressure and lead to the gold price attempting to return to the main bullish trend.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2620.00 per ounce and the resistance level of $2655.00 per ounce.

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

At 14:49 Peking time, spot gold was reported at $2635.93 per ounce.