Gold futures break through the $4,500 resistance level, and analysts warn that the 20-day moving average may form a ceiling pressure

Gate News message, March 31, RHB Research analyst Joseph Chai noted in a report that, judging from the daily chart, the bullish momentum in New York Mercantile Exchange (COMEX) gold futures is accelerating and strengthening. The analyst observed that the gold price broke through the resistance level of $4,500 per ounce in the most recent trading day. Chai said that the bulls are currently targeting the next resistance level. However, he also added that the gold price could face heavy selling pressure near the 20-day simple moving average (20-day SMA), which is in a downtrend. Data from the London Stock Exchange Group shows that the 20-day moving average is currently at around $4,815.63 per ounce.