24K99 News: In the afternoon of Tuesday (August 13th) in the Asian market, spot gold experienced a short-term decline, and the price just fell below the $2460/ounce mark, a drop of nearly $13 on the day. The well-known financial news website Economies.com has published an analysis on the technical prospects of gold for the day.

The analyst pointed out that as the US dollar basically remains stable, the trend of gold price correction is more due to investors' profit taking, after the price of gold surged more than $40 on Monday.

According to Economies.com, due to the clear bearish signals in the technical analysis, the gold price fell back after a surge in yesterday, and the bearish target price of gold fell below $2450.00/ounce.

(Spot gold 5-minute chart Source: 24K99)

On Monday, boosted by safe-haven inflows, spot gold rose sharply, up 40.74 dollars, or 1.68%, to close at $2471.36/ounce.

Economies.com wrote in the article that the gold price was close to our second target of $2483.40/ounce, which is also a historical high. It is noteworthy that the gold prices have started bearish trading, which suggests that the gold price will decline in the next few trading periods, especially as the stochastic indicator currently shows obvious bearish signals.

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

Economies.com stated that as a result, it is predicted that the gold price will tend to be bearish today. If the gold price falls below $2450.00/ounce, this will reinforce the expected downwards trend of gold price and test the main target of $2405.00/ounce; it should be noted that if the gold price breaks through $2483.40/ounce, this will stop the expected downwards trend, push the gold price back into the main bullish track, and realize a new upward trend, with the target price at the $2500.00/ounce mark.

Economies.com expects that the trading of gold price today will be between the support level of $2,440.00/ounce and the resistance level of $2,480.00/ounce.

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

At 13:14 Beijing time, spot gold was reported at $2458.62/ounce.