#Gold Technical Analysis# 24K99 News As of Tuesday (August 27th), the spot gold maintained a significant intraday decline in the early European session, with the current price around $2508 per ounce, a sharp drop of about $10 during the day. The well-known financial news website Economies.com published a new article on Tuesday, analyzing the technical prospects of gold for the day.

According to Economies.com, the technical aspect of gold is sending negative signals, indicating that there may be more pullbacks in the future, with the first bearish target at $2483.40 per ounce.

Spot gold closed up nearly 0.3% on Monday, at $2517.94 per ounce.

After the start of the Asian session on Tuesday, the price of gold continued to fall, dropping to a low of $2505.75 per ounce at one point.

Economies.com wrote in the article that the previous uptrend in gold stalled at $2526.90 per ounce. Looking at the 4-hour gold chart, the price showed a downward trend from the high point. After the start of trading today, the price of gold began to fall, indicating the formation of a negative technical pattern, supporting the expectation of a more bearish trend in the next few trading sessions. The price of gold is expected to first test $2483.40 per ounce; it should be noted that if the price of gold falls below this level, it will push the price further down to $2435.00 per ounce.

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

Economies.com stated that as a result, it is predicted that the price of gold today will tend to be bearish. It should be considered that once the price of gold surpasses $2526.00 per ounce, this will halt the anticipated bearish scenario and lead to the price of gold returning to the major bullish track.

Economies.com predicts that today's gold price trading will be between the support level of $2485.00/ounce and the resistance level of $2525.00/ounce.

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

At 15:36 Peking time, spot gold was reported at $2508.06 per ounce.