#GoldTechnical Analysis#24K99 News On Tuesday (October 15), the Asian market afternoon session, spot gold accelerated decline in the short term, and the price of gold just fell below $2640 per ounce. The well-known financial news website Economies.com published a new article on Tuesday, analyzing the technical outlook for gold on the same day.

(Source: 24K99) 15-minute chart for spot gold.

According to Economies.com, goldtechnical aspectsan oversold signal has appeared, which may drive the gold price higher. However, once the gold price falls below $2635.06 per ounce, it will put an end to the bullish scenario for gold.

According to The Washington Post on Monday, citing two informed officials, Israeli Prime Minister Netanyahu told the Biden administration that he is willing to strike Iran's military facilities instead of oil or nuclear facilities. Washington views this as Israel's restraint in retaliating against Iranian missile attacks.

According to The Jerusalem Post's report, sources revealed that Iran has secretly contacted Israel, indicating that as long as Israel's response is limited, Iran will consider this round of conflict over.

These two pieces of news help alleviate concerns about the situation in the Middle East, which in turn puts pressure on gold.Its price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.Gold is under pressure.

Economies.com wrote in the article that as shown in the chart, the price of gold is testing the previously broken resistance line. It is worth noting that the stochastic indicator has reached oversold territory, waiting for this factor to drive the price of gold to resume the expected upward trend in the near future, with the main targets aimed at $2668.00 per ounce and $2685.50 per ounce.

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

According to Economies.com, looking at the 4-hour chart, the 50-period index moving average line (EMA) supports the gold price in a bullish trend. It should be noted that once the gold price falls below $2635.06 per ounce, this will stop the bullish scenario and put the gold price under bearish pressure again.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2635.00 per ounce as well as the resistance level at $2675.00 per ounce.

Economies.com stated that the expected trend for gold prices today is bullish.

At 13:30 Beijing time, spot gold is reported at $2638.41 per ounce.