#Gold Technical Analysis# 24K99 News On Tuesday (December 31), during the Asian market, spot Gold remained relatively stable after a sharp decline yesterday, with the price currently around 2605 USD/ounce. FXStreet's chief Analyst Valeria Bednarik recently wrote an analysis of the technical outlook for Gold.

Bednarik wrote that the light trading on New Year's Eve intensified market volatility. Gold prices accelerated their decline during the North American session on Monday, with the target for the future being to test this month's low points.

Spot Gold closed down 15.66 USD on Monday, a decrease of 0.6%, settling at 2605.57 USD/ounce; during the session, Gold prices hit a low of 2596.05 USD/ounce.

As investors seek Gold amid geopolitical uncertainty and the Federal Reserve’s rate cuts, Gold prices have soared nearly 27% this year, reaching a historical high of $2790.15 per ounce on October 31.

Short-term technical outlook for gold

Bednarik wrote that, from a technical perspective, the daily chart for Gold shows that prices encounter sellers near the bullish 100-day Simple Moving Average (SMA), while the 20-day moving average has turned downward above the longer-term averages. Meanwhile, the Technical Indicators have gained bearish traction in the negative territory, supporting a continued downward trend in Gold prices towards the December low of 2582.93 USD/ounce.

Bednarik added that, in the short term, there are also strong bearish reasons based on the 4-hour chart. Gold prices are currently developing below all their moving averages, with the 20-period SMA gaining downward strength below the longer-term averages. Meanwhile, the Technical Indicators are plummeting almost vertically and are currently close to oversold readings.

(Source: FXStreet)

Valeria Bednarik provides the latest key support and resistance levels for gold price:

Resistance: $2595.80/ounce; $2582.90/ounce; $2570.10/ounce.

Resistance: $2617.55/ounce; $2632.00/ounce.

At 11:08 Peking time, spot Gold is quoted at $2605.30/ounce.