#GoldTechnical analysis#24K99 News On Thursday (November 7th) in the Asian session closing, spot gold continued to be under pressure after yesterday's sharp drop, with the price around $2656 per ounce. The well-known financial news website Economies.com published a latest analysis on the intraday technical outlook for gold on Thursday.

According to Economies.com, the gold price has already reached a new bearish target of $2675.00 per ounce, and there may be further significant declines in the future.

On Wednesday, after Trump was elected as the President of the United States, investors rushed to buy the US dollar, causing gold prices to plummet to a three-week low.

Spot gold closed down $84.81 on Wednesday, a decrease of 3.09%, at $2658.87 per ounce, marking the largest single-day drop in five months.

Stone X analyst Rhona Connell stated: "The market initially anticipated controversy in the election results, but Trump's clear victory eliminated this uncertainty, reducing risk. Trump's election has led to a strong rise in the dollar, and the combination of these factors has caused gold prices to fall."

Economies.com stated in the article that gold prices sharply declined yesterday, breaking below our new target price of $2675.00 per ounce. On Thursday, the gold price briefly touched the area of $2647.70 per ounce. The path for further decline in the gold price in the next few trading sessions seems to have opened up, with the potential to fall to the next bearish target of $2600.00 per ounce.

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

Economies.com states that, therefore, we expect the gold price to further decline intraday and in the short term. It should be noted that if the gold price breaks through the levels of $2696.85 per ounce and $2718.80 per ounce, this will halt the current bearish pressure and lead to gold returning to a bullish trend channel, then resuming 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 $2630.00 per ounce and the resistance level of $2675.00 per ounce.

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

At 14:32 Beijing time, spot gold was priced at $2655.70 per ounce.