Report: NYMEX gold futures bearish pattern expected to persist.

Joseph Chai, from RHB Retail Research, stated in a research report that, according to the daily chart, the bearish pattern of gold futures on the New York Stock Exchange may still be intact. The analyst pointed out that the trading price of this commodity continues to be below the declining 20-day simple moving average. Chai stated that, in addition, the relative strength index remains below the 50% threshold, indicating that negative momentum is increasing. The analyst added that after consolidating, the commodity may break below the support level of $4,500 per ounce and move towards $4,400 per ounce. Spot gold fell by 0.9%, trading at $4,525.40 per ounce.