Joseph Chai of RHB Retail Research thinks the positive trend of Comex gold futures is still in place. “The commodity is still on course to test the $3,000/oz level, even though bearish candlesticks have formed on the daily chart,” the analyst writes in a research report. According to Chai, the momentum indicator is still in favour of the bullish view, with the relative strength index being over the 50% mark. The bullish technical situation is further supported by the fact that the futures contract continues to trade above uptrending 20- and 50-day simple moving averages, according to the expert. Now, the analyst says, immediate support is set around $3,000/oz. The spot price of gold is $3,031.05/oz, down 0.4%.
The Upward Trajectory of Comex Gold Futures Is Still Intact, According to The Daily Chart – Market Talk
- Date: March 21, 2025
- Time: 9:01 AM
