Analyst: NYMEX gold futures may be forming a "dead cat bounce"

Sina Finance reported on March 31st that Matt Simpson, senior market analyst at StoneX, said in his commentary that a potential "dead cat bounce" is forming on the daily chart of NYMEX gold futures, as the futures struggle to rise amidst volatility. The senior market analyst said that a "solid bullish pinbar formation" helped the commodity to bounce above the 200-day exponential moving average. He mentioned that gold bulls are trying to retest the 100-day exponential moving average or the key level of $4,700.00 per ounce. However, Simpson noted that this level may act as resistance and limit the upside potential for the precious metal, or "prompt short sellers to sell at high levels". Spot gold rose 0.9% to $4,552.30 per ounce.