Institution: The daily chart shows that the bullish momentum of NYMEX gold futures may be accelerating again.

Joseph Chai of RHB Retail Research stated in a report that based on the daily chart, the bullish momentum of NYMEX gold futures may be accelerating once again. The analyst pointed out that the commodity saw an increase for the third consecutive trading day on Tuesday. Chai mentioned that the precious metal may test resistance above $4,800 per ounce. However, he also noted that the 20-day and 50-day simple moving averages are both trending downwards, creating resistance levels. Chai added that initial support is at $4,400 per ounce. Spot gold rose by 0.7%, reaching $4,704.18 per ounce.