#GoldTechnical analysis.#24K99 News After the sharp drop in the previous trading day, on Friday (December 13), during the early European market, spot Gold maintained a moderate rebound trend, with the current gold price around $2684 per ounce. FXStreet Senior Analyst Dhwani Mehta wrote on Friday, analyzing the technical trends of gold prices.

Mehta wrote that after gold prices pulled back from a five-week high of $2726 per ounce on Thursday, they rebounded in the morning on Friday. Gold buyers are not ready to give up yet.

Mehta pointed out that due to the daily chartRelative Strength Index(RSI)Maintain the Call, and since Gold prices hold above the 50-day moving average, there is hope for Gold to reclaim the level of 2700 dollars per ounce and higher.

On Thursday, spot Gold closed significantly lower, which is partly attributed to investors taking profits after the gold price reached a five-week high in the morning session, closing positions ahead of next week's Federal Reserve meeting.

Spot Gold closed down $37.85 on Thursday, a decrease of 1.39%, settling at $2679.94 per ounce.

Mehta wrote that in the absence of any significant economic data from the USA later on Friday, the market will continue to seek clues from a broader market sentiment. The flow of funds over the weekend and position adjustments ahead of the Federal Reserve's policy decision next week will also play a role in driving Gold price movements.

The Latest Technical Analysis of Gold

Mehta noted that Gold prices encountered Resistance at high levels on Thursday, then turned down, and found support at the 50-day simple moving average (SMA) at 2671 dollars per ounce during Friday's early session.Resistance。

The Relative Strength Index (RSI) on the 14th also showed a new upward trend, while remaining well above the level of 50.

Mehta stated that if Gold prices regain upward momentum, they may test the multi-week high of $2726/ounce again; if this level is broken, overcoming the $2750/ounce psychological barrier and the convergence of the high from November 5 will become a tricky issue.

(Spot gold daily chart source: FXStreet)

On the other hand, Mehta added that if the 50-day moving average Resistance at $2671/ounce is not maintained, it will prompt sellers to target the 21-day moving average at $2650/ounce again.

The last line of defense for Gold buyers is expected at last week's low of $2613/ounce.

As of 15:43 Beijing time, spot Gold is quoted at $2683.83/ounce.