Market analysis: Gold prices may break through $3,300/ounce in the next few days

Odaily News Joseph Chai, an analyst at RHB Retail Research, said that judging from the daily chart, the strong upward momentum in New York Mercantile Exchange gold futures is still in play. The analyst pointed out that gold prices closed above the $3,200/ounce resistance level on Friday, confirming the continued bullish pressure on gold futures. Chai said that the relative strength index has exceeded the 50% threshold, indicating that the bullish momentum is accelerating. In addition, the analyst said that the bullish structure looks intact as gold futures continue to remain above the 20-day and 50-day simple moving averages. Chai added that driven by this positive momentum, gold prices may rise to $3,300/ounce in the next few trading days. (Jinshi)