#GoldTechnical Analysis#24K99 News On Tuesday (October 29), during the Asian session's closing, spot gold maintained its intraday rebound trend, with the current price around $2754 per ounce. The well-known financial news website Economies.com published a new analysis on the intraday technical outlook for gold on Tuesday.

According to Economies.com, if the gold price breaks above $2758.40 per ounce, the outlook for the gold price will turn bullish, with the target set at $2782.00 per ounce.

During the Asian session on Tuesday, the spot gold price once touched $2757.74 per ounce, approaching the record high of $2758.45 per ounce set last Wednesday.

Economies.com stated in the article that the gold price showed a clear upward trend at the beginning of today's trading, reaching as high as $2758.37 per ounce at one point, then the price started to fall. This implies a possible bearish correction in the gold price intraday, but it depends on the formation of a second top in the price. If so, this supports the expectation of a decline in the gold price over the next few trading sessions. Waiting for the gold price to test the initial bearish target at $2722.00 per ounce.

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

Economies.com stated that, therefore, we expect the gold price to have a bearish tendency today. The stochastic indicators are sending negative signals, which support the bearish expectations. It should be noted that if the gold price breaks through $2758.40 per ounce, this will stop the expected decline and lead to the continuation of the major bullish trend in gold prices, achieving a new uptrend towards the $2782.00 per ounce area.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2735.00 per ounce and the resistance at $2760.00 per ounce.

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

At 14:55 Beijing time, spot gold was reported at $2754.30 per ounce.