Gold Prices Likely to Stay Range-Bound as Weak Momentum Limits Upside

Gold prices are expected to continue moving sideways, according to RHB Bank analyst Joseph Chai.

Technical indicators suggest limited upward momentum:

• A “white body” candlestick pattern indicates strong support forming around $4,600 per ounce
• The Relative Strength Index (RSI) has dropped below 50, signaling weakening bullish momentum
• Prices are unlikely to break above the 50-day moving average

Chai expects gold to consolidate above $4,600, with $5,000 per ounce acting as strong resistance.

Meanwhile, spot gold has edged up 0.5% to $4,765.23 per ounce, showing mild short-term strength despite the broader sideways trend.