According to a report from Joseph Chai of RHB Retail Research, technical analysis indicates that the strength of gold bulls may be increasing. The analyst pointed out that the recent price action on the daily chart for COMEX gold futures is favorable, with the commodity's price having moved above its 20-day simple moving average. The analyst stated that, based on the re-emerging bullish momentum, the price of the precious metal is expected to break through the resistance level at $5,090 per ounce. Should it successfully surpass this level, the gold price is projected to advance further towards the vicinity of $5,500 per ounce. RHB Retail Research maintains a bearish trading view on gold until the price breaks above the $5,090 resistance level. As of the latest update, spot gold was up 1.0%, trading at $5,016.74 per ounce.