#GoldTechnical Analysis#24K99 News: At the end of the Asian session on Wednesday (October 9), spot gold continued to be under pressure after a sharp drop yesterday, with the current price near $2619 per ounce. Economies.com, a well-known financial news website, released a new article on Wednesday analyzing the technical outlook for gold on that day.

According to Economies.com, the gold price has already reached the previously set target price of $2635.06 per ounce. If it falls below the next bearish target of $2603.87 per ounce, the price of gold may further decline.

(Screenshot source: Economies.com)

Due to recent employment data prompting investors to lower expectations for a significant rate cut by the Fed in November, coupled with signs of easing tensions in the Middle East, the price of gold plummeted on Tuesday.

Spot gold closed sharply lower on Tuesday by $20.44, down 0.77%, at $2621.84 per ounce.

The price of gold fell to a low of $2604.50 per ounce on Tuesday. On September 26, the gold price hit a record high of $2685.42 per ounce.

According to a report by Reuters in the United Kingdom on Tuesday, Na'im Kassem, the number two figure in Hezbollah, said in a speech broadcast on October 8 that Hezbollah supports efforts to achieve a ceasefire in Lebanon. For the first time, he did not mention that the Gaza ceasefire agreement was a precondition for Hezbollah to stop firing at Israel.

Economies.com wrote in an article that the price of gold showed strong decline yesterday, closing below $2635.06 per ounce. This triggered the negative effects of a double top pattern, supporting the possibility of gold breaking below $2603.87 per ounce and opening up the potential to decline towards the next retracement target of $2578.65 per ounce.

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

Economies.com stated that as a result, we expect the price of gold to further decline within the day. It should be noted that if the gold price breaks through $2635.06 per ounce, this will halt the bearish scenario and lead to an attempt by the gold price to return to the main bullish track.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2590.00 per ounce and the resistance level of $2635.00 per ounce.

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

At 13:22 Beijing time, spot gold is reported at $2619.47 per ounce.