RHB Analyst: NYMEX Gold Futures Bullish Momentum Resumes, Watch the $4,850 Resistance Level

(1) Joseph Chai from RHB Retail Research stated in a research report that according to the daily chart, the bullish momentum of NYMEX gold futures has resumed and is currently experiencing positive price action. (2) If there is a clear breakout above the first resistance level at $4,700 per ounce, the next focus will be on the resistance level at $4,850 per ounce. (3) However, Chai pointed out that the 20-day and 50-day simple moving averages are trending downward and continue to exert downward pressure on these futures, adding that there may be significant selling pressure at around $5,000 per ounce.