#GoldTechnical analysis#24K99 news On Thursday (November 28), during the Asian session, spot gold suddenly fell sharply, recently dropping to around 2621 dollars per ounce. FXStreet chief analyst Valeria Bednarik wrote an analysis of the technical outlook for gold.

Bednarik stated that due to bearish control of the situation, gold has retreated from its daily high. The price of gold is at risk of further decline.

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

During the New York trading session on Wednesday, spot gold also staged a 'top reversal' scene. In the New York early session on Wednesday, the gold price briefly reached 2658.29 dollars per ounce but then experienced a sharp decline, hitting a low of 2633.77 dollars per ounce.

Phillip mm us$d, chief market strategist at Blue Line Futures, believes that the main driving force behind the correction in gold prices comes from rising personal income.

Data from Wednesday showed that personal income in the usa rose by 0.6% month-on-month in October, significantly higher than the expected 0.3%.

Streible stated: "If consumer income increases, they can respond more flexibly even in the face of higher inflation, then the Federal Reserve may be less willing to continue making large rate cuts."

In early trading in Asia on Thursday, spot gold suddenly plummeted from the day's high of $2638.50 per ounce, and the gold price just hit a low of $2621.08 per ounce.

Short-term technical outlook for gold

Bednarik wrote that the daily chart for gold indicates that the risk of gold's movement is inclined to go down. The gold price encountered seller pressure near the put 20-daySimple Moving Average(SMA) average.technical indicatorsStill within negative levels, with a neutral to put slope. Meanwhile, the 100-day moving average and 200-day moving average continue to rise below the current gold price level, with the 100-day moving average providing dynamic support around $2568.40 per ounce.

Bednarik added that in the short term, according to the 4-hour chart, gold bears are also in control of the situation. The gold price faced sellers near the bearish 20-period SMA and is currently also below the bearish 100-period SMA. Meanwhile, the technical indicators have significantly pulled back after failing to break through the middle line, coinciding with the view of another wave of declines in the gold price.

It is worth noting that with the gold price breaking below the $2626 per ounce area, this opens up space for further declines in gold.

(Spot gold 4-hour chart source: FXStreet)

Valeria Bednarik provides the latest important gold price.Resistanceand resistance levels:

Resistance: $2611.35/ounce; $2598.70/ounce.

Resistance: $2643.30/ounce; $2655.00/ounce; $2671.55/ounce.

At 09:21 Beijing Time, the spot gold price is $2621.19/ounce.