#GoldTechnical Analysis#24K99 News On Thursday (October 24), in the early European session, spot gold maintained a strong rebound trend, with the current price near $2735 per ounce, rising more than $20 intraday. FXStreet senior analyst Dhwani Mehta wrote on Thursday, analyzing the technical trend of gold price.

Mehta pointed out that technically, gold price shows a trend of "buying on dips", with the key Fibonacci level of 38.2% at $2700 per ounce. As long as this level is held, gold buyers still have hope.

Previously, spot gold closed sharply down by $33.44 on Wednesday, a 1.22% intraday decline, at $2715.24 per ounce. The highest price during the day reached $2758.45 per ounce, setting a new historical high.

Mehta wrote that in early Thursday trading, gold price partially reversed the retracement trend of Wednesday. Gold buyers found support from the pause in the U.S. dollar rally. Gold price will seek further trading impetus from U.S. PMI data.

At 21:45 on Thursday Beijing time, S&P Global will release the preliminary value of the U.S. Purchasing Managers' Index (PMI) for October.

Authoritative media surveys show that the initial value of the U.S. manufacturing PMI in October is expected to rise from 47.3 to 47.5, while the initial value of the service PMI is expected to decrease from 55.2 to 55.0.

Analysts pointed out that if the PMI data is stronger than expected, it may drive the dollar to rebound and hit the gold price; on the other hand, if the data falls short of expectations, the direct reaction may create pressure on the dollar, thereby further pushing up the gold price.

Mehta added that at the same time, market anxiety before key financial reports and the presidential election in the USA will also play a role in driving the sentiment of gold prices. Due to the US election on November 5th and ongoing conflicts in the Middle East, buyers may reappear with a safe-haven demand for gold, so any potential drop in gold prices may be bought.

How will gold perform?

Mehta pointed out that as gold price breaks through the resistance at $2723 per ounce, gold buyers may target the psychological level of $2750 per ounce. Once this level is breached, the record high of $2759 per ounce will be the next target of buyers' attention.

From the daily chart of gold, on the 14th dayRelative Strength Index(RSIStable, but far above the level of 50, currently trading near 65.60, indicating more upward momentum.

(Spot gold daily chart source: FXStreet)

On the other hand, Mehta added that if gold sellers return, the 38.2% Fibonacci level at $2700 per ounce - the historical high of $2759 per ounce from the October low of $2604 per ounce will save buyers.

If the gold price continues to fall below $2700 per ounce, the 50% Fibonacci level of 2682 dollars per ounce will be tested.Resistancewill be tested. The bottom line for gold buyers is at the 21-daySimple Moving Average(SMA) $2670 per ounce.

At 15:37 Beijing time, spot gold is trading at $2735.57 per ounce.