Analyst: Gold Price Shows Bullish Signal on Daily Chart, Moving Average Resistance and Bullish Momentum Engage in Battle

According to Odaily, RHB Retail Research analyst Joseph Chai noted in a report that based on the daily chart, the bullish momentum for COMEX gold futures may be re-accelerating. The analyst observed that the gold price recorded gains for the third consecutive trading day on Tuesday. Chai stated that the gold price may challenge the key upper resistance level of $4,800 per ounce. However, he also pointed out that both the 20-day and 50-day simple moving averages are currently in a downtrend and constitute resistance levels. The current initial support level is set at $4,400 per ounce. (Jin10)