#GoldTechnical Analysis#24K99 News On Friday (October 25th) in the Asian session, spot gold maintained a downward trend during the day, with the price currently near $2725 per ounce, falling more than $10 intraday. The well-known financial news website Economies.com published a new analysis on the technical outlook for gold on Friday.

According to Economies.com, the gold price has lost its upward momentum and breached a key support level. Once it falls below $2722.00 per ounce, it will open up further downside potential for the price of gold.

Spot gold closed sharply higher on Thursday, up $20.52, or 0.76%, at $2735.76 per ounce.

On Friday, there was news that the United States and Israel plan to restart ceasefire talks in Gaza, which has boosted market risk sentiment and dampened the performance of gold on Friday.

According to a report by Reuters on Friday, US officials said on Thursday that US and Israeli negotiators will gather in Doha in the coming days to attempt to restart negotiations and reach an agreement on a ceasefire and the release of Gaza hostages.

Economies.com mentioned in the article that the gold price started trading lower today, breaking below a small bullish channel support line, once again facing corrective bearish pressure. It is worth noting that if the gold price falls below $2722.00 per ounce, it will confirm a continued downtrend towards the $2700.00 per ounce area, which is the next bearish target for gold.

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

Economies.com stated that, therefore, it is predicted that the gold price will show a bearish tendency today. The stochastic indicator is sending a negative signal, which supports the bearish expectations. It should be noted that if the gold price breaks through $2740.00 per ounce, this will halt the downward trend in expectations and push the gold price back into the main bullish track.

Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2700.00 per ounce and the resistance at $2740.00 per ounce.

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

At 14:24 Beijing time, spot gold was reported at $2725.43 per ounce.