#GoldTechnical Analysis#24K99 News On Friday (October 11), during the Asian session, spot gold maintained a strong upward trend, with the current price around $2,644 per ounce, up nearly $15 intraday. Well-known financial news website Economies.com published the latest analysis on the technical outlook for gold today.

According to Economies.com, after breaking through the important resistance at $2,635.06 per ounce, the outlook has turned bullish, with the first target set at $2,668.00 per ounce.

On Thursday, spot gold closed up $22.13, a 0.85% increase, at $2629.84 per ounce.

According to CME's "FedWatch" tool, the market currently expects an 80% chance of the Federal Reserve cutting interest rates by 25 basis points next month, up from 76% before the release of the aforementioned economic data. Because gold does not yield interest, it becomes the preferred investment in a rate-cutting environment.

In its article, Economies.com mentioned that the gold price rose significantly at yesterday's close, continued to rise at the start of today's trading, broke through $2,635.06 per ounce, and attempted to stay above this level in order to halt the corrective bearish scenario and negate the double top pattern. Gold price is back in the major uptrend, with potential to rise first to $2,668.00 per ounce, and the upward trend may extend to the next major target of $2,688.00 per ounce.

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

Economies.com states that, therefore, the forecast for gold price today will be bullish. It should be noted that if the gold price falls below $2635.06 per ounce and stays below that level, this will reactivate the corrective bearish trend and first drop towards the $2603.90 per ounce area.

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 the expected trend for gold prices today is bullish.

At 14:04 Beijing time, spot gold is priced at $2644.03 per ounce.