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2025-11-03 15:03:06
[Daily Chart Indicates NYMEX Gold Futures Correction May Be Short-Lived] Aiman Kamil Bin Ahmad Shauqi of RHB Retail Research stated in a research note that based on Friday's price action, the recent downward correction in NYMEX gold futures may be short-lived. The analyst noted that although gold prices recently broke below the 20-day simple moving average on the daily chart, the broader bullish structure remains intact. This is because the precious metal is trading well above the 50-day simple moving average and the key support level of $3,800.00 per ounce, the analyst said. "This decline is seen as a healthy pullback within the current uptrend," the analyst said, adding that initial resistance is at $4,200 per ounce. Spot gold rose 0.3% to $4,016.32 per ounce.
