RHB Retail Research analyst Joseph Chai noted in a report that, according to the daily chart, bullish momentum in New York Mercantile Exchange gold futures may be accelerating again. The analyst observed that gold prices recorded their third consecutive day of gains on Tuesday. Chai stated that gold prices could challenge the key resistance level of $4,800/oz. However, he also pointed out that the 20-day and 50-day simple moving averages are currently trending downwards and forming resistance levels. Initial support is currently set at $4,400/oz. (Jinshi)