#GoldTechnical analysis#24K99 News On Friday (November 8th), during the Asian market's closing, spot gold suddenly plummeted in the short term, with the gold price currently near $2686 per ounce, falling nearly $20 intraday. Economies.com, a well-known financial news website, published a new article on Friday analyzing the technical outlook for gold intraday.

According to Economies.com, the gold price has lost its upward momentum, with the first bearish target at $2675.00 per ounce.

(Spot gold 5-minute chart Source: 24K99)

The US dollar index has rebounded and is currently near 104.55. The strength of the US dollar has caused the gold price to fall back.

Due to the sharp drop in the US dollar earlier, spot gold soared $47.28 at Thursday's close, up 1.78%, at $2706.15 per ounce.

At 23:00 Hong Kong time on Friday, the preliminary value of the University of Michigan Consumer Sentiment Index for November in the USA will be released, with an expected value of 71.0, compared to the final value of 70.5 in October.

Investors will also keep a close eye on inflation-related data. Previously, the University of Michigan's 1-year and 5-10 year inflation expectations in the USA for October were 2.7% and 3.0% respectively. Investors need to watch whether inflation expectations are on the rise.

FXStreet analyst Christian Borjon Valencia pointed out that the release of the University of Michigan Consumer Confidence Report and inflation expectations in the USA on Friday may further impact the momentum of gold.

Economies.com wrote in the article that, as shown in the graph, the price of gold rose yesterday and approached the previously breached call channel support. It is worth noting that the price of gold has lost positive momentum and is beginning to convey negative signals through the stochastic indicators, which may subject the price of gold to bearish pressure in the next few trading sessions. The price of gold is poised to drop towards the first bearish target of $2675.00 per ounce, with further targets at the level of $2647.70 per ounce.

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

Economies.com stated that, therefore, it is predicted that the price of gold will exhibit a bearish tendency today. It should be pointed out that if the price of gold breaks through $2718.80 per ounce, this will halt the expected decline and drive the price of gold back into the call channel, as well as 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 $2670.00 per ounce and resistance at $2718.00 per ounce.

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

At 14:31 Beijing time, spot gold is reported at $2686.49 per ounce.