Gold futures are exhibiting strong bullish momentum, with prices recently breaking through the $4,500 per ounce resistance level, according to analyst Joseph Chai of RHB Research. Chai noted that the next target for bulls is higher, but cautioned that prices may encounter significant selling pressure near the 20-day simple moving average (SMA), which is trending downward. The 20-day SMA is currently positioned at approximately $4,815.63 per ounce, as per data from the London Stock Exchange Group.