#GoldTechnical analysis.#24K99 News: On Thursday (January 9) during the Asian market, spot Gold remained steady, with prices currently around 2662 USD/ounce. FXStreet's chief Analyst Valeria Bednarik wrote an article analyzing the technical outlook for Gold.

Bednarik stated that Gold continued its gains this week, with a recent target of recording higher highs.

The December 'little non-farm' report showed that private employment was weaker than expected, leading some market participants to believe that the Federal Reserve may not be as cautious regarding interest rate cuts this year, encouraging the Gold price to reach a four-week high on Wednesday.

The USA announced the ADP employment report known as 'little non-farm' on Wednesday, which showed that the number of private sector jobs increased by 0.122 million after seasonal adjustment in December last year, the lowest increase since August of last year, below economists' expectations of 0.139 million, and significantly lower than the 0.146 million in November.

Spot Gold closed up 13.06 USD on Wednesday, a gain of 0.49%, at 2661.39 USD/ounce, with prices reaching a high of 2670.01 USD/ounce during the session.

Bart Melek, head of commodity strategy at TD Securities, stated that the decrease in the number of private sector jobs has driven up Gold prices, as a reduction in employment ultimately suggests that the economic situation is weaker than many anticipated.

Short-term technical outlook for gold

Bednarik wrote that the daily chart of Gold shows that the price movement risks are biased towards the upside. Gold is gaining upward momentum, technical indicatorscrossing the midpoint with an encouraging slope but still remains within neutral levels. Meanwhile, the 20-day Simple Moving Average(SMA) is still directionless, providing dynamic support around $2,640 per ounce. Meanwhile, the longer-term moving averages continue to rise below the 20-day moving average.

Bednarik added that in the near term, according to the 4-hour chart, Gold is expected to continue its upward trend. The price of Gold is currently trading above all its moving averages, although the flat 20-period SMA converges at $2,645.46 per ounce with the directionless 200-period SMA. Meanwhile, the 100-period SMA is flat at $2,633.70 per ounce. Finally, the Technical Indicators maintain an upward bias at levels well above the midpoint, consistent with the view that Gold prices will rise further in the future.

(Source: FXStreet)

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

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

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

As of 11:43 in Peking, spot Gold quotes at 2661.66 USD/ounce.