#黄金Technical analysis#24K99讯 At the end of the Asian session on Wednesday (October 16), spot gold suddenly rose rapidly in the short term. The price of gold had just broken through 2,677 US dollars/ounce, and the price of gold climbed nearly 15 US dollars during the day. Economies.com, a well-known financial information website, wrote a new article on Wednesday to analyze the technical prospects of intraday gold.

(5 minute chart of spot gold source: 24K99)

According to Economies.com, the price of gold has successfully reached its first bullish target of 2668.00 US dollars/ounce, and the next target is at an all-time high.

(Screenshot source: Economies.com)

Earlier, spot gold closed on Tuesday, surging $14.10, or 0.53%, to $2662.60 per ounce; the price of gold hit an intraday high of $2668.95 per ounce.

Economies.com wrote in the article that the price of gold successfully hit our first waiting target price of $2668.00 per ounce. The price of gold showed a new bullish trend after starting today's trading and tried to break through these levels, thus supporting expectations that the price of gold will continue to rise during the day and in the short term. It's important to note that our next target for gold prices is the recent record high of $2685.50 per ounce.

(4-hour spot gold chart source: Economies.com)

Economies.com said that judging from the 4-hour chart, the 50-period exponential moving average (EMA) supports the price of gold, which supports the expectation that the price of gold will continue to rise. It should be pointed out that if the price of gold falls below $2660.00/oz, this may put the price of gold under bearish pressure and fall to the key support of $2635.06 per ounce, then try to rebound again.

Economies.com predicts that today's gold price will be traded onSupport levelBetween $2655.00 per ounce and resistance at $2690.00/oz.

According to Economies.com, today's expected trend for gold prices is bullish.

At 14:29 Beijing time, spot gold was reported at 2677.44 US dollars/ounce.