Markets22h ago·34 sources

Comex gold futures are showing technical strength, trading above the $5,000 mark and maintaining upward momentum. The relative strength index remains above 50 on the daily chart, indicating sustained buying pressure. Gold is also trading above its 20-day simple moving average, a key indicator for traders. The immediate technical target is resistance at $5,500 per ounce. A break below the 20-day moving average could lead to a retracement towards $4,800, but the broader trend remains constructive as long as key support levels are maintained. The article suggests that continued consolidation above the 20-day average, followed by another attempt to challenge $5,500, is the base case scenario, contingent on momentum indicators remaining favorable.