#GoldTechnical Analysis#24K99 News: During the Asia session on Wednesday, spot gold traded near $2740 per ounce; the price of gold surged over 1% in the previous trading day. FXStreet's Chief Analyst Valeria Bednarik authored an article analyzing the technical outlook for gold.

Bednarik wrote that gold hit a record high on Tuesday, approaching $2750 per ounce. In the midst of tensions in the Middle East and a subdued market atmosphere ahead of the upcoming US elections, gold maintains a positive tone.

Bednarik pointed out that as gold continues to reach new highs, the bulls currently have complete control of the situation.

On Tuesday, influenced by factors such as the uncertainty of the US election and the escalation of safe-haven demand triggered by the Middle East war, the spot gold price surged over 1%, reaching a new historical high.

Spot gold closed significantly higher on Tuesday, up by $29.19 or 1.07%, at $2,748.68 per ounce; the price touched a peak of $2,748.89 per ounce during the session, marking a new all-time high.

Bednarik mentioned that due to concerns that former President Trump may win the US presidential election, speculative interest is beginning to digest the possibility of a slowdown in the Fed's rate cuts. Trump's tax and tariff policies are seen as potential inflation boosters, even increasing the likelihood of rate hikes. US Treasury yields continued to rise on Tuesday, with the 10-year yield reaching 4.20%, the highest level since the end of July. The 2-year Treasury yield touched 4.05%, also hitting multi-week highs.

Zaner Metals Vice President and Senior Metal Strategy Analyst Peter A. Grant stated: "Geopolitical tensions remain a major driving factor. With two weeks until the US election, the competition still seems intense, hence a considerable amount of political uncertainty is also driving people's interest in gold as a safe haven."

Grant said: "If the situation in the Middle East escalates further, it is expected that the gold price may touch the $3000 per ounce level by the end of the year."

During times of geopolitical and economic uncertainty, gold is seen as a hedge against risk, and lower interest rates also increase the investment attractiveness of gold. Gold has risen more than 33% so far this year, and has hit historical highs multiple times.

Analysts at BNP Paribas in France commented that with Harris replacing Biden in the election, the narrowing gap in the two parties' chances is creating uncertainty in the results, providing support to the price of gold.

Short-term technical outlook for gold

Bednarik stated that in an environment averse to risk, gold will continue to set new highs, despite indications of overbought conditions.technical indicatorsAlthough there are signs of overbought conditions, there is no indication of a call exhaustion.

Bednarik pointed out that from a technical perspective, gold is expected to continue its upward trend. The daily chart shows that technical indicators are reaching new highs while moving upwards. At the same time, the price of gold is far above the call moving average line, 20-day.Simple Moving AverageSMA is currently around $2668 per ounce, well above the longer-term moving average.

Bednarik added that the recent outlook also supports the continued upward trend in the price of gold. In the 4-hour chart, technical indicators are showing signs of recovery, maintaining an upward slope, despite being in overbought territory. Meanwhile, the price of gold is trading above the call moving average line, with the 20-period SMA currently around $2718 per ounce.RSISpot gold 4-hour chart (Source: FXStreet)

(Source: FXStreet)

Valeria Bednarik provides the latest important gold price.Resistanceand resistance levels:

Support levels: $2716.40 per ounce; $2700.00 per ounce; $2685.45 per ounce

Resistance levels: $2740.00 per ounce; $2755.00 per ounce; $2770.00 per ounce

At 10:47 Beijing time, spot gold is trading at $2739.73 per ounce.