#GoldTechnical analysis.#24K99 News: On Thursday (January 9th) at the end of the Asian session, spot Gold suddenly surged rapidly, with the gold price just breaking through $2665 per ounce, rebounding $10 from an earlier intraday low. FXStreet Analyst Haresh Menghani published an article on Thursday analyzing the technical trends of the gold price.

Menghani wrote that the retreat in US Treasury yields weakened the dollar and provided some support for the gold price. In addition, cautious market sentiment, geopolitical risks, and concerns over the trade war continue to provide support.Its price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.Gold.

Menghani stated that before the release of Friday's US non-farm payroll report, traders are looking for comments from Federal Reserve officials to provide some momentum.

Analysts expect that in December last year, the USANon-farm employmentIt will increase by 0.16 million people, while in November it rose sharply by 0.227 million people.

Menghani pointed out that fromTechnical aspectLooking at it, the high point on Wednesday (around 2670 USD/ounce) now seems to be a short-term Resistance. If this barrier is cleared, it will be seen as a new trigger point by Call traders. Given that the oscillation Indicators on the daily chart have started to move into the positive zone, Gold prices may subsequently rise to the Resistance near 2681-2683 USD/ounce, before heading towards the 2700 USD/ounce mark.

(Spot gold daily chart source: FXStreet)

On the other hand, Menghani added that if Gold prices decline, they may find support near 2645 USD/ounce. Following that is the area around 2635 USD/ounce and the weekly low, which is near the area of 2615-2614 USD/ounce touched on Monday.

Gold prices have encountered some follow-up selling and have fallen below $2,600 per ounce, which will be perceived as a new trigger by Put traders. Gold prices may subsequently find it easy to drop further below the volatility low of December last year, around $2,583 per ounce, and test the next significant support level near $2,550 per ounce.Resistance。

As of 14:48 Beijing time, spot Gold is quoted at $2,665.40 per ounce.