#GoldTechnical Analysis24K99 News On Thursday (September 19), the spot gold rose sharply in the Asian session, just breaking through $2,575/ounce, and rose nearly $17 during the day. Economies.com, a well-known financial information website, published the latest article on Thursday, analyzing the technical prospects of gold for the day.

Analysts pointed out that the US dollar index has returned to a decline and is currently at 100.85, which is bullish for gold prices. The US dollar index briefly touched 101.45 in the early Asian session.

According to Economies.com, gold prices successfully reached their target price of $2,600.00/ounce yesterday; after a brief bearish adjustment, gold prices resumed their upward trend, with a target of testing $2,600.00/ounce again.

(Source: 24K99) 15-minute chart for spot gold.

On Wednesday, after the Federal Reserve cut interest rates by 50 basis points, Fed Chairman Powell hinted that policymakers are not in a hurry to cut interest rates significantly in the future, causing gold prices to sharply fall from historical highs.

On Wednesday, local time, in Washington, USA,The Federal Open Market Committee (FOMC)the Federal Open Market Committee (FOMC) announced a 50-basis point interest rate cut after a two-day policy meeting, lowering the federal funds rate target range to 4.75%-5%. This is the first interest rate cut by the Federal Reserve since March 2020.

After the Fed cut interest rates, spot gold once soared to $2600.15 per ounce, hitting a historical high. However, after Powell's speech, the price of gold plummeted, dropping to a low of $2546.79 per ounce. Powell stated in a press conference, "Don't think that a 50 basis point rate cut is a new pace of rate cuts."

As of Wednesday's close, spot gold fell by 0.4% intraday, closing at $2559.18 per ounce.

Economies.com wrote in an article that the price of gold has successfully reached our long-awaited target price of $2600.00 per ounce, and then sharply retraced from this level. After the Fed's decision on Wednesday, the price of gold showed high volatility. Gold experienced some temporary bearish adjustments. It is worth noting that the gold price touched the 50-period Exponential Moving Average (EMA), which provides good support for the price of gold. Currently, the price of gold is starting to rise and is poised to recover its major bullish trend.

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

Economies.com stated that, therefore, we expect the gold price to show an upward trend today, with the first target being a retest of $2600.00 per ounce. If it breaks through this level, the gold price target will be $2630.00 per ounce. It should be noted that if the gold price falls below $2550.00 per ounce, this will push gold prices to undergo additional bearish adjustments, targeting the next bearish level at $2528.50 per ounce.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceAt 14:02 Beijing time, spot gold was reported at $2575.75 per ounce.

Economies.com stated that the expected trend for gold prices today is bullish.