24K99 news On Wednesday (December 4), in the Asian session, spot gold maintained a small rebound trend during the day, hovering near $2647 per ounce. Economies.com, a well-known financial information website, published a new article on Wednesday analyzing the technical outlook for gold on the day.

According to Economies.com, the bearish view on gold has not changed, with an expectation for the gold price to first fall to $2600.00 per ounce.

Peking time on Thursday at 02:45, Federal Reserve Chairman Powell will be invited to be interviewed at the DealBook/Summit conference hosted by the New York Times.

Powell made hawkish remarks in his speech in November, stating that the Federal Reserve does not need to rush to cut interest rates, as the labor market is robust and the inflation rate remains above the 2% target.

On November 14, local time, Federal Reserve Chairman Powell stated at a Dallas Fed event that the US economy has not sent any signals indicating the Fed needs to lower interest rates quickly, and the current strength of the economy allows the Fed to make decisions cautiously.

After Powell's speech at that time, the interest rate market sharply lowered bets on a December Fed rate cut.

Analysts point out that if Powell ''hawkish'' again, the possibility of a December Fed rate cut could decline again, stimulating a rise in the US dollar and triggering a new round of selling in gold.

Traders currently anticipate a 74% probability of a 25 basis points cut in December by the Federal Reserve.

Economies.com wrote in the article that the gold price continues to fluctuate within a narrow range, currently near $2645.00 per ounce, which keeps the recent bearish scenario valid for the near future. The first target for the gold price is $2600.00 per ounce.

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

Economies.com added that if the gold price breaks through $2665.00 per ounce, it will stop the expected bearish trend, drive the gold price recovery, and return to the main bullish trend.

Economies.com predicts that today's gold price trading will be between the support at $2620.00 per ounce and the resistance at $2660.00 per ounce.

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

At 14:21 Beijing time, spot gold is reported at $2647.35 per ounce.