Market Analysis: The rise in gold prices is strong, and it may break through 3300 USD in the coming days.

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On April 14, Jin10 reported that Joseph Chai, an analyst at RHB Retail Research, said that the strong upward momentum of gold futures on the New York Mercantile Exchange is still in effect according to the daily chart. The analyst pointed out that gold prices closed above the resistance level of $3200 per ounce on Friday, confirming the ongoing bullish pressure in the gold futures market. Chai mentioned that the Relative Strength Index has surpassed the 50% threshold, indicating that bullish momentum is accelerating. Furthermore, the analyst stated that the bullish structure appears intact as gold futures continue to hold above the 20-day and 50-day simple moving averages. Chai added that driven by this positive momentum, gold prices could rise to $3300 per ounce in the coming trading days.

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