Gold's Bullish Momentum Picking Up, Chart Shows

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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.

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