#GoldTechnical Analysis#24K99 News On Thursday, October 10th, during the afternoon session of the Asian market, spot gold maintained a rebound trend during the day, with the current price near $2616 per ounce. The well-known financial news website Economies.com published a new article on Thursday, analyzing the technical outlook for gold on the day.

According to Economies.com, the gold price is just a temporary rebound. Looking ahead, once it falls below $2603.87 per ounce, this will open the door to a significant retracement in gold prices.

Spot gold closed sharply down by $14.13 on Wednesday, a decrease of 0.54%, at $2607.71 per ounce. The price of gold hit a low of $2605.16 per ounce during the trading day.

Economies.com stated in the article that influenced by the positive signal of the stochastic indicator, the price of gold is currently showing an upward trend, possibly retesting the previously breached neckline of the double top pattern, and then resuming a bearish adjustment.

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

Economies.com stated that the price of gold may temporarily rise, but we expect the bearish trend to continue to dominate in the coming trading sessions. Gold needs to break below $2603.87 per ounce to open the way for testing the next retracement target of $2578.65 per ounce.

Economies.com added that it is necessary to consider that if the price of gold breaks above $2635.06 per ounce, this will stop the expected decline and lead to an attempt by the gold price to return to the main bullish trajectory.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2595.00 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 14:29 Beijing time, spot gold is reported at $2615.90 per ounce.