#GoldTechnical analysis.#24K99 News: On Thursday (December 19), at the end of the Asian market, spot Gold continued its intraday rebound trend, with the price currently around $2609 per ounce; the price of Gold dropped more than 2% on the previous trading day. The well-known financial news website Economies.com published an article on Thursday analyzing the technical outlook for Gold.

According to Economies.com, the price of Gold successfully reached the bearish Target Price of $2600.00 per ounce after the drop yesterday. Unless it breaks above $2655.00 per ounce, the outlook for Gold remains bearish.

(Screenshot source: Economies.com)

Spot Gold closed on Wednesday down $60.36, a decrease of 2.28%, reported at $2585.54 per ounce, the lowest closing level since November 18.

Economies.com wrote in the article that the price of Gold continued to fall yesterday and successfully reached our anticipated second Target Price level of $2600.00 per ounce. We believe that the path for Gold to continue its decline and reach further bearish Target Prices of $2555.00 per ounce and $2513.15 per ounce has now opened up. Currently, we expect Gold to show more bearish tendencies in the coming trading days.

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

Economies.com added that as long as the Gold price remains below $2655.00 per ounce, the bearish trend remains valid; once this level is broken, it will lead to a recovery in the Gold price and attempt to return to the main bullish trend. In this case, the first Target Price for Gold is to test $2700.00 per ounce, followed by the area around $2725.00 per ounce.

Economies.com expects today's Gold prices to trade betweenResistanceBetween $2585.00 per ounce and the Resistance level of $2630.00 per ounce.

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

At 14:32 Beijing time, spot Gold is quoted at $2609.03 per ounce.