Report: The bullish pattern of gold futures on the New York Mercantile Exchange (NYMEX) remains intact.

Joseph Chai of RHB Retail Research said in a research report that the daily chart shows a bullish trend for gold futures on the NYMEX. The analyst pointed out that despite facing mild selling pressure, the commodity continued to trade above the 20-day and 50-day simple moving averages, maintaining a bullish technical pattern. Chai stated that as long as the futures stay above the support level of $4,800 per ounce, the commodity may once again attempt to test the resistance level of $5,300. Spot gold fell by 0.2%, at $5,166.49 per ounce.