Gold’s bullish momentum appears to be picking up, based on the daily chart, RHB Retail Research’s Joseph Chai said in a research report.
The latest price action of Comex gold futures suggests strong upward momentum is “in play,” said the analyst, who sees a long bullish candlestick pattern toward the immediate resistance level.
Under a bullish setup, resistance tends to be weak, so gold will probably break above resistance at $2,775/oz, Chai said.