Comex Gold Futures Seek to Resume Uptrend, Analyst Says

Comex gold futures are attempting to resume their upward trend, according to Jin10. RHB Retail Research analyst Joseph Chai's report indicates that the daily chart shows gold futures respecting the support of the 20-day simple moving average. However, Chai notes that there may be strong selling pressure at the resistance level of $5,090 per ounce. He further states that unless the commodity closes above this resistance, the bearish trading bias will likely persist. Chai adds that resistance levels typically exhibit strength in bearish technical patterns.