Report: NYSE gold futures expected to resume rising.

Joseph Chai of RHB Retail Research stated in a research report that the daily chart indicates that New York Mercantile Exchange gold futures are expected to resume their upward trend. The analyst mentioned that the latest price movement of the futures shows that the bears "respect" the 20-day simple moving average as a support level. However, Chai pointed out that strong selling pressure may emerge at the resistance level of $5,090 per ounce. The analyst also noted that the bearish trading bias for this precious metal remains unchanged unless the commodity's closing price surpasses $5,090 per ounce. He added that in a bearish technical pattern, resistance levels tend to be strong. Spot gold rose by 2.4% to $5,065.32 per ounce.