Institution: New York Mercantile Exchange gold futures upward trend pauses slightly

Joseph Chai from RHB's retail research department stated in a report that, from the daily chart perspective, the upward trend of gold futures on the New York Mercantile Exchange will pause slightly. The analyst mentioned that Friday's price movement indicates that gold prices are consolidating and preparing to test the support level of $2850 per ounce. However, Chai noted that under bullish technical patterns, support levels are often strong, and the trends of the 20-day and 50-day simple moving averages continue to rise, providing support for this pattern. The analyst also indicated that gold prices may resume their upward trajectory after a slight decline. Spot gold recently rose 0.5% to $2895.69 per ounce