#GoldTechnical Analysis#24K99 news On Thursday (October 31st), in the afternoon of the Asian market, spot gold was around $2785 per ounce; the intra-day gold price once touched $2790 per ounce, hitting a record high. The well-known financial news website Economies.com published the latest article on Thursday, analyzing the technical outlook for gold on the day.

According to Economies.com, if the gold price breaks through the resistance level near $2790 per ounce, this will pave the way for the price to rise to $2800.00 per ounce.

Economies.com wrote in the article that the price of gold fluctuates near the resistance line of the bullish channel and attempts to rise further, supporting the possibility of a bullish trend for gold in the intraday and short term. We continue to predict an upward trend in gold over the next few trading sessions. Currently waiting for the price of gold to test the next target of $2800.00 per ounce threshold, and if it breaks this level, it will lead to a further rise in the price of gold to $2838.75 per ounce.

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

Economies.com stated, on the other hand, that we should also consider that if the gold price fails to break through the resistance line of the bullish channel near $2790.00 per ounce, this will halt the bullish trend, push the price of gold to fall and initially drop to the $2758.40 per ounce region.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2775.00 per ounce and the resistance level of $2810.00 per ounce.

Economies.com stated that the expected trend for gold prices today is bullish.

At 14:14 Beijing time, spot gold is reported at $2785.52 per ounce.