Report: Gold futures on the New York Stock Exchange are still in consolidation.

Aiman Kamil Bin Ahmad Shauqi of RHB Retail Research stated in a research report that based on the daily chart, gold futures on the New York Mercantile Exchange are still consolidating. The analyst said that the latest price movement indicates that the gold bears are still holding their ground after failing to test the resistance level of $5,000 per ounce. Furthermore, the 50-day simple moving average continues to limit the upside potential. The commodity may consolidate lower and retest the support level of $4,600 per ounce. Spot gold is down 0.1%, trading at $4,782.54 per ounce.