#GoldTechnical Analysis#24K99 News: During the Asian session on Wednesday, October 16th, spot gold maintained its intraday rebound trend after a big jump yesterday, with the current price near $2668 per ounce. FXStreet's Chief analyst Valeria Bednarik wrote an article analyzing the technical outlook for gold.

Bednarik stated that the price of gold rose in the previous trading day, approaching this week's high, not far from the record high of $2685.45 per ounce set in September.

On Tuesday, due to disappointing performance of New York State manufacturing activity, the yield on the benchmark 10-year US Treasury bond fell, driving spot gold up nearly $15 on the day.

The New York Fed reported on Tuesday that the manufacturing index for New York State in October was -11.9, a significant decline of 23.4 points compared to September, far below the market's general estimate of 3.0. This index measures the percentage difference between companies reporting expansion and contraction.

Spot gold closed up $14.10 on Tuesday, up 0.53%, at $2,662.60 per ounce; the highest price during the trading session reached $2,668.95 per ounce.

Bednarik pointed out that there is room for further price increase, as gold bulls seek to set new historical highs.

Geopolitical situations provide support for the gold price. Two Israeli officials said on October 15th local time that although Israel's attack on Iran is not expected to target nuclear and oil facilities, it may include missile and drone launchers, warehouses, factories, Iran's military bases, government buildings, and other targets.

During security consultations involving Israeli Prime Minister Netanyahu, Defense Minister Gantz, and other ministers, a comprehensive agreement has been reached on the action plan against Iran, potential timing, and response intensity. However, final approval from the cabinet is still needed for the implementation of this action.

On October 16th, Iranian sources stated that any attack or aggression by Israel against Iran would be considered an act of war, and Iran will respond strongly.

Iran's Islamic Revolutionary Guard Corps advisor Ghaani warned on October 15th that the United States should not take any 'stupid actions' against Iran, as American ships, military bases, and other targets are within reach of Iran's weapons.

Short-term technical outlook for gold

Bednarik stated that the daily chart for gold shows buyers supporting the price, currently near the resistance at the 20-day call (SMA) around $2638 per ounce. The 100-day SMA and 200-day SMA are also rising well below the levels of the above short-term moving averages, consistent with a dominant bullish performance.Simple Moving AverageLastly, the momentum indicator hovers around the 100 level, whileRelative Strength Index(RSIMildly rising to near 62, also supporting the call reason.

Bednarik added that the recent trend shows limited upward momentum, but the price of gold still tends to rise. The gold price is trading above the flat 100-period SMA, while the 20-period SMA is currently crossing above the former, reflecting an increase in buying interest.technical indicatorsIt has already lost upward momentum, but is well maintained above the mid-term level. Overall, gold prices may hit record highs again, especially if gold prices can hold above the $2638.00 per ounce level.

(Spot gold 4-hour chart source: FXStreet)

Bednarik gave the latest important support and resistance levels for the gold price:

Resistance: $2654.90 per ounce; $2638.00 per ounce; $2625.40 per ounce

Support: $2673.10 per ounce; $2685.45 per ounce; $2700.00 per ounce

At 12:07 Beijing time, spot gold was reported at $2667.84 per ounce.