Gold Soars Over $23 from Daily Low; Analysis by Renowned Firm

24K99 News - On Monday (October 14th), at the end of the Asian market, spot gold prices surged again in a short-term rapid lift, with the gold price just breaking through $2,666 per ounce, having soared more than $23 from the intraday low. Renowned financial information website Economies.com published the latest article on Monday, analyzing the technical prospects of gold for the day.

Gold has climbed significantly from the intraday low. During Monday's Asian market trading, the gold price touched a low of $2,643.12 per ounce.

Analysts pointed out that tensions in the Middle East helped the gold price rebound sharply from the low. The Israeli Defense Forces stated in a statement early Monday morning that a drone attack by Hezbollah on an Israeli military base in the north on October 13th resulted in the death of four Israeli soldiers and seven others severely injured.

According to Economies.com, if the gold price breaks through the first target of $2,668.00 per ounce, it will pave the way for further significant increases in the gold price.

Spot gold closed higher by $27.09 last Friday, a gain of 1.03%, at $2,656.93 per ounce.

Economies.com wrote in the article that the gold price has shown a clear upward trend in the previous few trading days and is close to our first awaited target of $2,668.00 per ounce. Currently, we are waiting for the gold price to rise further and test the recent high of $2,685.50 per ounce, which is also the next target for the gold price. It should be noted that the stochastic indicator is currently sending a negative signal, which may hinder the gold price from achieving the aforementioned upward trend. The gold price may experience some temporary sideways fluctuations before resuming the bullish trend.Economies.com states that it is quite important for the gold price to remain above $2635.06 per ounce in order to continue the anticipated upward trend; should it fall below this level, it would trigger a new bearish adjustment for the gold price, with the next target at $2603.90 per ounce.

Economies.com estimates that today's gold trading will fluctuate between the support level of $2640.00 per ounce and the resistance level of $2675.00 per ounce.

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

At 14:28 Beijing time, spot gold is reported at $2666.33 per ounce.