#Gold Technical Analysis#24K99 News On Monday (October 14th) during the European morning session, spot gold maintained its intraday rebound trend, with the price reaching a high of $2666.81 per ounce. FXStreet analyst Haresh Menghani wrote on Monday, analyzing the technical trend of gold prices.

Menghani pointed out that the price of gold reversed the downward trend during the Asian session and climbed to a more than one-week high. Geopolitical risks and the continued bet on the Fed's rate cut continue to support gold.

During the Asian session on Monday, the lowest gold price touched $2643.12 per ounce.

Menghani wrote that the price of gold rose for the third consecutive trading day on Monday, climbing to the $2667 per ounce area, reaching a more than one-week high. Expectations of the Fed continuing to cut interest rates in favorable inflation prospects are a key factor driving funds to non-yielding gold. In addition, the escalating geopolitical tensions in the Middle East continue to provide additional support for safe-haven gold.

According to the 'Fed Watch Tool' from the CME Group, the market currently expects a likelihood of over 90% for the Fed to cut interest rates by 25 basis points in November.

On October 13th, NBC News reported that U.S. officials believe Israel has narrowed its retaliatory targets for Iran's missile attacks, describing them as Iran's military and energy infrastructure.

There is no indication that Israel will target nuclear facilities or carry out assassinations, but U.S. officials emphasize that Israel has not made a final decision on how and when to take action.

The Middle East has been tensely awaiting Israel's response to the nearly 200 missiles launched by Iran on October 1st. Iran called this response to Israel's invasion of Lebanon and killing of its proxies, including Hamas political bureau chief Haniyeh and Hezbollah Secretary-General Nasrallah.

Reports say that the USA is unaware of when Israel will respond, but officials indicate that the Israeli military is prepared and ready to deploy at any moment. American officials acknowledge that the Israeli side has not disclosed a specific timetable to them, and Israeli officials have not even reached an agreement on the timetable.

Gold Technical Outlook

Analyst Menghani pointed out that based on the daily chart of gold, positive oscillating indicators favor bullish traders. The price of gold breaking through the resistance at $2662 per ounce paves the way for further upward movement. The subsequent rise could push the price of gold to historical highs, around $2685-2686 per ounce reached in September.

If gold continues to rise, then the price of gold will target the psychological barrier of $2700 per ounce. Breaking this barrier will lay the foundation for several months of upward trend.

On the other hand, Menghani added that if gold experiences a pullback, the price of gold may find some support around the range of $2632-2630 per ounce; once it falls below this range, the price of gold may accelerate its decline and drop towards the psychological barrier of $2600 per ounce.

If the price of gold falls below $2600 per ounce, it will be seen as a new trigger by bearish traders and pave the way for some significant downward movement. Then the price of gold may drop to the next important support level near $2560 per ounce.