Report: Technical patterns on NYMEX gold futures still indicate a bearish outlook.

Joseph Chai of RHB Retail Research stated in a research report that the technical outlook for gold futures on the NYMEX remains bearish. The analyst pointed out that the commodity continues to trade below the 20-day and 50-day simple moving averages on the daily chart. Chai also mentioned that the relative strength index is below the 50% threshold, indicating that bearish momentum is still in play. Therefore, the precious metal may continue its pullback towards a support level of $4,200 per ounce. The analyst added that the first resistance level is at $4,800 per ounce. Spot gold rose 1.8% to $4,551.40 per ounce.