Comex gold futures have likely formed interim support at $4,000 an ounce, RHB Retail Research's Joseph Chai says in a research report. The futures posted a bullish candlestick pattern on the daily chart, with latest price action signaling that strong support has formed at this level, the analyst says. With the interim base having formed, the futures could make a fresh attempt to rise above the 20-day simple moving average and test resistance at $4,400 an ounce, Chai says. However, strong selling pressure is expected to emerge at this resistance level, the analyst adds. Spot gold is 0.6% lower at $4,150.18 an ounce. (ronnie.harui@wsj.com)
Dow Jones Newswires
Comex Gold Futures Likely Formed Interim Support at $4,000 an Ounce, Chart Shows — Market Talk
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Comex gold futures have likely formed interim support at $4,000 an ounce, RHB Retail Research's Joseph Chai says in a research report. The futures posted a bullish candlestick pattern on the daily chart, with latest price action signaling that strong support has formed at this level, the analyst sa…