#GoldTechnical analysis#24K99 news On Wednesday (November 27) in the Asian market's late session, spot gold suddenly experienced a surge, currently the gold price has risen to around 2644 USD/ounce, with a strong increase of 11 USD during the day. The well-known financial news website Economies.com published an article on Wednesday providing an analysis of the day's gold technical outlook.

According to Economies.com, if the gold price breaks through 2645.00 USD/ounce and maintains above that level, it will stop the bearish scenario for gold prices and open up space for further significant increases.

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

Spot gold closed up about 0.3% on Tuesday, at 2632.67 USD/ounce. The gold price fell to 2605.15 USD/ounce in the early session on Tuesday, the lowest point since November 18.

In the article, Economies.com wrote that from the 4-hour chart of gold, the gold price is testing the previously broken major bullish trendlines, currently still below this level. The 50-period index moving average (EMA) coincides with this resistance line, thus increasing its resistance strength. Additionally, the stochastic indicators have clearly lost their positive momentum.

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

Economies.com added that these factors continue to lead to our prediction that gold prices will remain in a bearish trend for some time, with the main target being $2600.00 per ounce, followed by $2515.00 per ounce. It is worth noting that if gold prices break above $2645.00 per ounce, it will halt the bearish scenario and push gold prices back into the main bullish trend, with the first target being the $2700.00 per ounce area.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.Resistancebetween $2615.00 per ounce and the resistance level of $2650.00 per ounce.

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

As of 13:36 Beijing time, spot gold is quoted at $2643.71 per ounce.