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Gold Daily Chart Signals Strength, Analyst Warns of Short-Term Moving Average Resistance
Svmuu News RHB Research analyst Joseph Chai noted in a report that, based on the daily chart, the bullish momentum for COMEX gold futures is accelerating. The analyst observed that the gold price broke through the resistance level of $4,500 per ounce in the most recent trading session. Chai stated that bulls are currently targeting the next resistance level. However, he added that the gold price may encounter strong selling pressure near the 20-day Simple Moving Average (SMA), which is in a downtrend. Data from the London Stock Exchange Group shows that the 20-day SMA is currently around $4,815.63 per ounce. (Jin10)
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