PRECIOUS METALS | Analyst Predicts Strengthening Bullish Momentum for Gold Futures

Gold futures on the New York Commodity Exchange are experiencing a surge in bullish momentum, according to Jin10. RHB Research analyst Joseph Chai noted in his report that the price of gold recently broke through the resistance level of $4,500 per ounce. Chai highlighted that the bulls are now targeting the next resistance level. However, he cautioned that gold prices might face strong selling pressure near the 20-day simple moving average (SMA), which is currently in a downtrend. Data from the London Stock Exchange Group indicates that the 20-day SMA is approximately $4,815.63 per ounce.