#GoldTechnical analysis.#24K99 News On Friday (December 20), during the Asian market, spot Gold remained basically stable, with the price currently around $2,596 per ounce. FXStreet's chief Analyst Valeria Bednarik wrote an article analyzing the technical outlook for Gold.

Bednarik stated that the outlook for Gold continues to be bearish, with a price target below $2,580 per ounce.

Spot Gold prices slightly rose 0.34% on Thursday, closing at $2,594.34 per ounce, having significantly retreated from an intraday high of $2,626.51 per ounce.

The US Bureau of Economic Analysis released data on Thursday showing that the annualized quarterly real Gross Domestic Product (GDP) growth for the third quarter in the USA was 3.1%, up from a previous expectation of 2.8% and a previous value of 2.8%.

As of the week ending December 14, the number of initial jobless claims in the USA fell from 0.242 million to 0.22 million, lower than the expected 0.23 million, indicating that the labor market remains solid.

Bart Melek, Head of Commodity strategy at TD Securities, stated: 'Based on GDP data and initial jobless claims, it is clear that US data remains quite strong. The robust economy and inflation risks, including tariffs and spending cuts, reaffirm that the Federal Reserve has no reason for aggressive interest rate cuts. Historically, this is unfavorable for non-yielding Gold.'

The market is currently awaiting the core PCE inflation data to be released by the USA on Friday for further clues about the economic outlook, which is expected to trigger significant movements in the Gold market.

On Friday at 21:30 Peking time, the USA Bureau of Economic Analysis will release the personal consumption expenditures (PCE) price index for November. According to authoritative media surveys, the USA's PCE price index for November is expected to rise by 0.2% month-on-month and 2.5% year-on-year.

More closely watched core indicators show that the USA's core PCE price index for November is expected to grow by 0.2% month-on-month and 2.9% year-on-year.

As the most favored inflation indicator of the Fed, the year-on-year change of core PCE price index has a greater impact on policy makers.

Short-term technical outlook for gold

Bednarik wrote that, from a technical perspective, the Gold price may fall below the recent low of $2582.93 per ounce. The daily chart shows that Gold retraced almost all of its intraday gains on Thursday. The Gold price is currently below the 20-daySimple Moving Average(SMA) and 100-day simple moving average, marking the first time since October 2023 that it is below these longer-term moving averages. Meanwhile, the 200-day moving average maintains a bullish slope around $2470 per ounce. Finally,technical indicatorsIt remains deeply entrenched in the negative zone, forming a neutral to bearish slope, which far from indicates that Gold prices may recover again.

Bednarik added that, in recent observations, looking at the 4-hour chart, Gold prices seem to have completed a corrective rise and are preparing to reach new lows. Gold prices are developing below all moving averages, with the 20-period SMA firmly moving downward below the longer-term moving averages, reflecting the strength of sellers. Meanwhile, the Technical Indicators have pulled back from Thursday's intraday peak and are positioned below the midline.

(Source: FXStreet)

Valeria Bednarik provides the latest important information on Gold prices.ResistanceAnd Resistance levels:

Support levels: 2582.90 USD/ounce; 2568.80 USD/ounce; 2554.10 USD/ounce.

Resistance levels: 2603.20 USD/ounce; 2617.55 USD/ounce; 2632.00 USD/ounce.

At 11:16 Peking time, spot Gold is priced at 2596.51 USD/ounce.