#GoldTechnical AnalysisAt the end of the Asian market on Thursday, September 26th, spot gold maintained an intraday rebound trend, with the current gold price trading near $2663 per ounce. Economies.com, a well-known financial news website, published a new article on Thursday analyzing the technical outlook for gold on that day.

According to Economies.com, the gold price is attempting to gather positive momentum and has broken through important resistance, opening up further room for a significant rise in the gold price.

Analysts pointed out that the US dollar index resumed its decline in the Asian market on Thursday and is currently near 100.80. A weaker US dollar is bullish for the gold price.

Spot gold closed basically flat on Wednesday at $2656.55 per ounce, with the gold price reaching a high of $2670.53 per ounce during Wednesday's session, setting a new historical high.

Looking ahead to this trading day, speeches by Federal Reserve Chairman Powell and the release of US GDP data are expected to provide important guidance for the gold price trend.

At 21:20 Beijing time on Thursday, Fed Chairman Powell pre-recorded a video for the opening remarks at the New York Fed's 2024 Treasury market conference.

In terms of economic data, at 20:30 Beijing time on Thursday, the Bureau of Economic Analysis (BEA) of the United States will release the final value of the real Gross Domestic Product (GDP) for the second quarter, with an expected annualized quarterly growth of 3.0%.

Economies.com stated in the article that from the 4-hour chart of gold, the price has broken through the bullish channel resistance. It is worth noting that the stochastic indicator is gradually moving away from its negative momentum, waiting for the indicator to gain positive momentum to further drive the gold price in the primary bullish trend. The next major target price for gold is at $2700.00 per ounce.

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

Economies.com stated, therefore, we will continue to forecast that the gold price will remain in a bullish trend in the near future. It needs to be pointed out that if the gold price falls below $2650.00 per ounce, this will stop the expected uptrend and lead to some intraday bearish adjustments in the gold price.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2645.00 per ounce and the resistance at $2685.00 per ounce.

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

At 13:50 Beijing time, spot gold is trading at $2662.471 per ounce.