Market Analysis: Gold price may break through $3300/ounce in the next few days

Joseph Chai, an analyst at RHB Retail Research, said that the strong upward momentum of gold futures on the New York Commodity Exchange is still in effect from a daily chart perspective. The analyst pointed out that the price of gold closed above the resistance level of $3200 per ounce on Friday, confirming the continued bullish pressure on gold futures. Chai said that the relative strength index has already exceeded the 50% threshold, indicating that bullish momentum is accelerating. In addition, he stated that the bullish structure appears intact as gold futures continue to stay above their 20-day and 50-day simple moving averages. Chai added that under this positive momentum, prices may rise to $3300 per ounce in future trading days.