On Thursday (June 27th), spot gold hovered around $2,300/ounce in early European trading. Economies.com, a well-known financial news website, published a new article on Thursday analyzing the technical outlook for gold during the day.

According to Economies.com, the outlook for gold continues to be bearish, with the first target at $2,272.06/ounce.

On Wednesday, under pressure from rising US dollar and bond yields, spot gold fell nearly 1% and lost the important level of $2,300/ounce.

On Wednesday, spot gold fell 0.92%, or $21.29, to close at $2,298.04/ounce, with a low of $2,293.45/ounce during the session.

Economies.com wrote in the article that the gold price showed a significant decline yesterday, and broke through the key level of $2,300.00/ounce, thus strengthening the expectation of a continuing corrective bearish trend in the gold price. The road to our target of $2,272.06/ounce, as shown in the chart, has been opened. This level is the 38.2% Fibonacci retracement of the recent rise in the gold price. If the gold price falls below $2,272.06/ounce, it will push the gold price towards the next bearish target of $2,217.10/ounce.

(Spot gold 4-hour chart Source: Economies.com)

Economies.com stated that from the 4-hour chart of gold, the 50-period index moving average line (EMA) continues to support the bearish trend of the gold price. It is important for the gold price to stay below $2,340.10/ounce to reach the above target.

Economies.com expects that today's gold price trading will be between the support level of 2275.00 U.S. dollars/ounce and the resistance level of 2315.00 U.S. dollars/ounce.

Economies.com stated that today's expected trend for gold prices is bearish.

At 15:13 Beijing time, spot gold was reported at $2,300.50/ounce.