#GoldTechnical analysis#24K99 News: On Monday (December 2), near the end of the Asian market, spot gold continued its sharp decline, currently at around 2623 usd/ounce, with a day drop of more than 27 usd. The well-known financial news website Economies.com published an analysis of the technical outlook for gold on Monday.

According to Economies.com, gold prices are once again under call pressure,technical aspectswith a significant breakdown downward, possibly first testing 2600.00 usd/ounce.

The usd strengthened in the Asian market, currently around 106.30, up nearly 0.5% for the day.

According to Bloomberg, the elected president of the usa, Trump, warned about the currencies of BRICS nations, boosting the usd, which led to a decline in gold prices.

Last Saturday, Trump wrote on his social media platform Truth Social, urging BRICS countries to use the usd as a reserve currency and threatening that if they support another currency to replace the usd, a 100% tariff will be imposed.

Economies.com stated in an article that after the opening of today's trade, gold prices began to show a clear downward trend, with gold prices breaking through the main call trendlines, expected to decline in the next few trading sessions, with the first target being to test 2600.00 usd/ounce. It should be noted that if gold prices fall below this threshold, gold will continue its bearish trend to the next bearish target of 2560.00 usd/ounce, with further targets at 2513.15 usd/ounce.

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

Economies.com added that as long as gold prices cannot break through 2658.00 usd/ounce, it is still predicted that gold will show a bearish tendency today. Once this level is exceeded, it will stop the current bearish pressure and cause gold prices to return to the main call trend.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween 2605.00 usd/ounce and the resistance level of 2640.00 usd/ounce.

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

As of 14:17 Peking time, spot gold is reported at 2623.02 usd per ounce.