#GoldTechnical analysis.#24K99 News On Monday (January 6), at the end of the Asian market, spot Gold suddenly accelerated its decline, with the price dropping to a low of $2630.13 per ounce, refreshing the day's low. FXStreet Senior Analyst Dhwani Mehta wrote on Monday to analyze the technical trends of Gold prices.
(Spot gold 30-minute chart, source: 24K99)
On Monday during the Asian market, spot Gold briefly rose to $2647.43 per ounce, reaching its intraday high.
Analysts pointed out that affected by the Federal Reserve's hawkish expectations, Gold prices have fallen from several weeks' highs. The Federal Reserve has signaled a hawkish tone, stating that the number of rate cuts will be reduced in 2025.
Mehta pointed out that the daily chart shows a 14-day.Relative Strength Index(RSI) remains above 50, supporting the Call tendency for Gold prices.
However, after failing to maintain above the 50-day moving average of $2651 per ounce last Friday, Gold prices once again fell below the 21-day moving average of $2638 per ounce.
According to Mehta, if Gold prices continue to trade at $2638 per ounce, they will target the 100-day moving average of $2627 per ounce.
Mehta pointed out that if the daily closing price of Gold is below the 100-day moving average, it will open the door for Gold prices to re-test last week's low of $2596 per ounce.
On the other hand, if Gold prices regain the 21-day moving average, they are expected to rise to the obstacle of the 50-day moving average.
Mehta added that if the above resistance is broken, the next significant obstacle for Gold prices is the three-week high of $2665 per ounce. Once this level is overcome, $2700 per ounce will act as a barrier.
As of 14:36 Peking time, spot Gold is quoted at $2630.88 per ounce.
