According to a study analysis by Joseph Chai of RHB Retail study, the daily chart indicates that Comex gold futures are consolidating. According to him, the commodity’s relative strength index rounded down on Friday, marking a fresh “lower low” closure that indicates bullish momentum is taking a prolonged break. The precious metal may go sideways over the support level of $2,850/oz. The bullish technical scenario is supported by the upward ascending 50-day simple moving average. According to the expert, the technical setting is viewed as positive as long as the commodity remains over $2,800/oz. Spot gold has increased by 0.2% to $2,914.26/oz.
