#GoldTechnical analysis#24K99 News On Thursday (November 21), during the end of the trading hours in Asia, spot gold maintained an upward trend for the day, with the gold price around $2658 per ounce. The well-known financial news website Economies.com published a new article on Thursday, analyzing the technical outlook for gold for the day.

According to Economies.com, the gold price has successfully reached the first target price of $2655.00 per ounce, paving the way for further increases in the gold price.

(Screenshot source: Economies.com)

On Wednesday, due to the escalation of tensions between Russia and Ukraine, causing an increase in geopolitical uncertainty, investors sought safety in gold, resulting in spot gold prices rising for the third consecutive trade day.

Spot gold surged $18.12 to close at 0.7% higher at $2650.06 per ounce on Wednesday.

In response to Ukraine's first long-range missile attack on Russian territory, President Putin of Russia revised the nuclear weapon guidelines, lowering the threshold for a nuclear response to broader conventional attacks, leading to heightened geopolitical tensions.

On Thursday, investors will focus on the usa's initial jobless claims and housing market data. For the week ending November 16, initial jobless claims in the usa are expected to rise from 0.217 million to 0.22 million. October existing home sales in the usa are expected to increase from 3.854 million to 3.93 million.

Economies.com wrote in an article that gold prices rose yesterday, successfully reaching our first target price of $2655.00 per ounce. Currently waiting for further increases in gold prices, with the next target aimed at $2710.00 per ounce. From the 4-hour chart of gold, the price is above the 50-period exponential moving average (EMA), which supports the bullish expectation.

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

Economies.com added that therefore, the bullish trend will remain valid during the day. It should be noted that if the gold price falls below $2620.00 per ounce, it will face bearish pressure, in which case the first target is at $2560.00 per ounce, and a further target is at $2513.10 per ounce.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2640.00 per ounce and the resistance at $2675.00 per ounce.

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

As of 13:52 in Peking, spot gold is reported at 2658.16 USD per ounce.