#Gold Technical Analysis#24K99 news, on Friday (August 9) afternoon in Asia, spot gold fell rapidly in the short term, and the gold price just fell below $2,420/oz, with a drop of nearly $10 today. Economies.com, a well-known financial information website, wrote the latest article on Friday, analyzing the technical prospects of intraday gold.
On August 9th local time, the official account of the Israeli Prime Minister announced on social media that, based on the proposals of the United States and other mediators, Israel will send a negotiating team to a designated location on August 15th to finalize the details of the ceasefire and personnel exchange framework agreement in the Gaza Strip.
Analysts pointed out that this news caused a decline in market risk aversion, thereby hitting the gold price.
According to Economies.com, the prospects for gold are still bullish unless the gold price falls below $2,396.50/oz.
(Spot gold 5-minute chart Source: 24K99)
On Thursday, gold soared sharply due to stable safe-haven demand and the expectation of a significant cut in interest rates by the Fed in September.
Spot gold rose $44.51 and closed on Thursday, up 1.87%, at $2427.11 / oz, ending five consecutive trading days of decline.
Gold Trading Analysis
Economies.com wrote in the article that the gold price closed above $2,405.00/oz yesterday, confirming the breakthrough of this level and supporting the expectation that the gold price will be bullish intraday. At present, waiting for the gold price to test the main target of $2,450.00, followed by $2,483.40.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com stated that from a technical point of view, the stochastic indicator is currently transmitting negative signals, which may hinder the upward trend of the gold price and cause some temporary horizontal fluctuations in the gold price, and then resume the upward trend. It should be pointed out that if the gold price falls below $2,396.50/oz, this will stop the bullish trend and push the gold price to put.
Economies.com predicts that today's gold price trading will be between the support level of $2,400.00/oz and the resistance level of $2,445.00/oz.
Economies.com stated that the expected trend for gold prices today is bullish.
At 13:54 Beijing time, spot gold was reported at $2,417.67/oz.