Report: The upward momentum of the New York Mercantile Exchange gold futures is accelerating.

Sina Finance news on March 31. Joseph Chai from RHB Retail Research stated in a report that the daily chart shows that the bullish momentum of COMEX gold futures is accelerating. The analyst pointed out that in the most recent trading day, gold has broken above the resistance level of $4,500 per ounce. Chai said that gold bulls are now focusing on testing the next resistance level at $4,800 per ounce. However, the analyst added that there may be strong selling pressure near the downward-sloping 20-day simple moving average line. Data from the London Stock Exchange Group shows that the 20-day simple moving average line is around $4,815.63 per ounce. Spot gold rose 1.1% to $4,563.74 per ounce.