Report: The overall technical trend of gold futures on the NYMEX remains bullish.

Joseph Chai from RHB Retail Research stated in a research report that the overall technical outlook for gold futures on the New York Mercantile Exchange (NYMEX) remains bullish. The analyst pointed out that the futures are still above the 20-day and 50-day simple moving averages on the daily chart. The rising 20-day simple moving average also provides additional support. Chai mentioned that after any consolidation, the commodity is expected to resume its upward momentum and move towards the level of $5,500 per ounce. The analyst added that if selling pressure increases, the precious metal may find support around $5,000 per ounce. Spot gold rose by 0.9%, trading at $5,187.16 per ounce.