Gold Seen Extending Pullback as Bearish Signals Persist

COMEX gold futures remain under technical pressure, with the near-term setup still pointing lower, according to RHB Retail Research analyst Joseph Chai.

Gold continues to trade below both its 2020-day and 5050-day simple moving averages on the daily chart, a sign that the market’s short-term trend remains weak. Chai also noted that the relative strength index remains below the 50%50% mark, indicating that bearish momentum is still in place.

Given these signals, gold could extend its correction toward support at $4,200$4,200 an ounce. On the upside, immediate resistance is seen at $4,800$4,800 an ounce.

Spot gold was last up 1.8%1.8% at $4,551.40$4,551.40 an ounce.