Comex gold futures have likely found support at $4,000 an ounce, RHB Retail Research's Joseph Chai says in a research report. Latest positive price action on the daily chart suggests immediate support has formed at this level, the analyst says. Given the precious metal seems to be undergoing consolidation, it could move sideways along this level, Chai says. However, both 20- and 50-day simple moving averages are trending steadily lower, which could put downward pressure on the commodity, the analyst says. On the upside, initial resistance is pegged at $4,400 an ounce, Chai adds. Spot gold is 0.9% higher at $4,068.34 an ounce. (ronnie.harui@wsj.com)