#GoldTechnical Analysis#24K99 news On Monday, November 4th, in the afternoon of the Asian market, spot gold was near $2737 per ounce. The well-known financial news website Economies.com published a new article on Monday analyzing the technical outlook for gold on the day.

According to Economies.com, the price of gold has confirmed breaking through the important level of $2746.00 per ounce, paving the way for further declines in gold prices.

(Screenshot source: Economies.com)

Spot gold closed down $7.75 last Friday, a decrease of 0.29%, at $2735.88 per ounce.

Economies.com stated in the article that last Friday, the price of gold successfully fell below $2746.00 per ounce and closed below this level, thus strengthening the expectation that the corrective bearish trend will continue to dominate in the upcoming trading sessions. Currently waiting for the gold price to test the first bearish target at $2718.80 per ounce.

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

Economies.com stated, therefore, we will continue to predict that the gold price is in a bearish trend intraday. Currently, the gold price is trading below the 50-period Exponential Moving Average (EMA), which supports the bearish expectations. It is worth noting that if the gold price breaks through $2746.00 per ounce and maintains above this level, it will stop the current bearish pressure, causing the gold price to attempt a recovery and return to the main bullish trend.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2715.00 per ounce and the resistance at $2750.00 per ounce.

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

At 14:32 Beijing time, spot gold was trading at $2737.32 per ounce.