Citing Tuesday’s “higher low” bullish candlestick on the daily chart, Joseph Chai of RHB Retail Research writes in a note that the positive momentum observed in Comex gold futures is probably reaccelerating. Indicating that gold bulls now have the technical “upper hand,” the futures contract has recovered ground above the 20-day simple moving average, according to the expert. “We expect the commodity to continue its bullish trajectory” towards $3,000/oz and then $3,100/oz, Chai states, riding on this fresh momentum. The technical situation is optimistic as long as the futures contract stays above the $2,800/oz support line, the expert continues. The spot gold price of $2,917.85/oz has barely moved.
