The gold daily chart signals a bullish trend, but analysts warn of short-term moving average resistance.

MeNews · 2026-04-01T22:21:10+00:00

RHB Research analyst Joseph Chai pointed out that the bullish momentum for NYMEX gold futures has strengthened, with gold prices breaking above $4,500 per ounce, but it may face selling pressure near the 20-day simple moving average.

MeNews

2026-04-01 22:21:10

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ME News message, March 31 (UTC+8). In a report, RHB Research analyst Joseph Chai noted that, based on the daily chart, the bullish momentum in New York Mercantile Exchange gold futures is accelerating and strengthening. The analyst observed that the gold price broke through the $4,500 per ounce resistance level in the most recent trading session. Chai said that the bulls are currently pushing their target toward the next resistance level. However, he also added that the gold price near the 20-day simple moving average (SMA) in a downtrend may face heavy selling pressure. Data from the London Stock Exchange Group shows that the 20-day moving average is currently around $4,815.63 per ounce. (Jin10) (Source: ODAILY)

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