#GoldTechnical analysis.#24K99 News On Wednesday (January 8), during the Asian market, spot Gold remained stable, with prices around 2648 USD per ounce. FXStreet's chief Analyst Valeria Bednarik wrote an article analyzing the technical outlook for Gold.

On this trading day, investors will welcome remarks from Federal Reserve Governor Waller and the minutes from the Federal Reserve meeting, which are expected to trigger significant market movements.

Bednarik stated that due to a resurgence of risk aversion, Gold prices are stabilizing at the high end of the volatile Range.

As of Tuesday's close, spot Gold rose by 0.48%, priced at 2648.33 USD per ounce; during the morning session that day, the gold price surged by 1% at one point.

At 21:30 Beijing time on Wednesday, one of the most influential officials of the Federal Reserve, Governor Waller, will speak at a meeting of the OECD regarding the economic outlook.

At 03:00 on Thursday, Beijing time, the USAthe Federal Open Market Committee(FOMC) will release the minutes of the December monetary policy meeting. These minutes may reveal more clues about the future policy path, especially regarding whether the Federal Reserve has truly turned hawkish.

At the December meeting, the Federal Reserve lowered interest rates by 25 basis points as expected, with officials predicting only two rate cuts in 2025. Federal Reserve Chairman Powell stated that further adjustments will depend on the trajectory of inflation.

Notable Institution FXTM Senior Research Analyst Lukman Otunuga pointed out that due to the FOMC meeting minutes on Wednesday and the speeches of Federal Reserve officials this week, the volatility of Gold may increase before the data is released on Friday.Non-farm Employment DataThe volatility of Gold may intensify before the release on Friday.

Short-term technical outlook for gold

Bednarik wrote that from the daily chart, the outlook for Gold is neutral to Call.technical indicatorsThere is no direction near the medium term, while Gold prices fluctuate up and down around the flat 20-day (SMA).Simple Moving AverageMeanwhile, the 100-day moving average continues to move upwards, providing dynamic Resistance near $2626.30 per ounce, while the 200-day moving average also maintains an upward tendency.

Bednarik added that in the short term, based on the 4-hour chart, the rebound of Gold seems to be losing momentum. Gold prices remain above all their moving averages, having already broken through the 100-period SMA, and the target for the 20-period SMA is to break through the 200-period SMA. On the other hand, the Technical Indicators have slightly declined, although the Relative Strength Index (RSI) remains around 58, limiting Gold's Put potential.

(Source: FXStreet)

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

Resistance: $2626.30/ounce; $2614.45/ounce; $2596.00/ounce.

Resistance levels: 2649.50 USD/ounce; 2665.10 USD/ounce; 2678.85 USD/ounce.

At 11:25 Peking time, spot Gold is reported at $2647.65/ounce.