Report: COMEX gold futures seeking to recover upward trend.

Joseph Chai of RHB Retail Research stated in a report that the NYMEX gold futures are seeking to recover their upward trend. The analyst pointed out that the futures closed on Friday with a bullish candlestick pattern on the daily chart, indicating that selling pressure is weakening. Chai said that if the price of the commodity breaks above the 20-day simple moving average, it will attract new buying interest, pushing it towards the level of $4,200 per ounce. Chai added that at the same time, the 50-day simple moving average continues to rise, providing support for the bullish technical pattern. Intercontinental Exchange data shows that the latest quote for the 20-day simple moving average is around $4,080.16 per ounce. Spot gold rose by 1.9%, trading at $4,076.87 per ounce.