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2026-02-04 14:54:48
[Analyst: Comex Gold Futures Attempt to Resume Upward Movement, But Bearish Risks Remain Below Key Resistance Level] 1. According to a technical analysis report by Joseph Chai, retail research analyst at RHB Institution, the daily chart shows that Comex gold futures are attempting to resume their upward trend. He points out that recent price action indicates that market bears are still respecting the support provided by the 20-day simple moving average. 2. However, Chai emphasizes that gold prices may face significant selling pressure at the key resistance level of $5090/oz. He states that unless gold futures close clearly above $5090/oz, the bearish trading bias in the market will persist. He adds that this resistance level typically acts as strong resistance given the current bearish technical pattern.
