#GoldTechnical Analysis#24K99 News: In the Asian afternoon session on Thursday, October 17th, spot gold experienced a short-term surge, with the price reaching a record high of $2685.50 per ounce. However, the price quickly fell back, and is currently trading around $2680 per ounce. Economies.com, a well-known financial news website, published a new analysis on the technical outlook for gold on Thursday.

According to Economies.com, if the gold price fails to effectively break through $2685.50 per ounce, there may be some adjustments within the day. However, once this level is overcome, it will open up further room for a significant rise in the gold price.

Spot gold closed up $10.99 on Wednesday, a 0.41% increase, at $2673.59 per ounce.

Economies.com stated in the article that gold prices showed a new upward trend at the start of today's trading, once again reaching the record high of $2685.50 per ounce. It is worth noting that the price is currently struggling to surpass this level, leading us to predict a price pullback and some intraday bearish adjustments, with a target of testing $2660.00 per ounce. Should it break below this level, the price may further decline to $2635.06 per ounce.

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

Economies.com stated that, therefore, it is predicted that the price of gold will show a short tendency today. However, it should be pointed out that once the gold price surpasses $2685.50 per ounce, this will drive the price of gold to recover its main bullish trend and achieve a new uptrend, with the first target at $2700.00 per ounce, and higher targets looking towards $2720.00 per ounce.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2660.00 per ounce and the resistance level of $2695.00 per ounce.

Economies.com stated that today's expected trend for gold prices is bearish.

At 14:59 Beijing time, spot gold is reported at $2680.02 per ounce.