RHB Retail Research: Gold futures may shift to sideways movement
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- Joseph Chai from RHB Retail Research stated in a research report that NYMEX gold futures may shift to horizontal fluctuations.
- The analyst noted that the relative strength index of the futures is turning downward on the daily chart, which indicates that bullish momentum is weakening.
- According to Chai, on the downside, if the futures break below the 20-day simple moving average, it may attract selling pressure and drag the commodity towards the $4,600 per ounce level.
- The analyst added that on the upside, if the commodity breaks through the $5,000 per ounce resistance level, it will eliminate its bearish technical pattern.
- Spot gold fell 0.4% to $4,726.27 per ounce.
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