Last Updated on February 9, 2026 by Deon
On gold futures (Comex) daily charts, “Gold price finally broke above the 20-day SMA,” said analyst Joseph Chai.
In trader lingo, it’s akin to a runner getting a second wind. That 20-day average served as a “ceiling” in prices for weeks, holding them at bay. Now that gold has pushed back above it, momentum is turning in favor of the bulls.
The Big Resistance: $5,090
But with that new strength, gold is not out of the woods yet. Meanwhile, RHB Retail Research says it is paying close attention to the $5,090 per ounce level.
The Now: Spot gold is at about $5,016.74, up roughly 1.0%.
The “Wait-and-See” Bias: RHB is currently in a “bearish trading bias” at this point of time. They would like to see gold break decisively and close above $5,090 before they jump in wholeheartedly on the bull bandwagon.
The $5,500 Moonshot
The forecast becomes interesting if gold can drive through that $5,090 resistance. According to Joseph Chai, an upward violation of the level on clean grounds could pave the way for a surge towards $5,500 per ounce.
“Breaking above this cross will set the stage for a stronger move towards $5,500,” Chai says.
That’s about 10% above current levels — quite a leap for a supposedly “safe-haven” asset.
What This Means for You
If you’re tracking the markets, this next few days are decisive. We are in essence witnessing a tug-of-war at the $5,000–$5,100 range.
For the Bulls: The fact we are above the 20 day SMA is healthy. It indicates serious investors are buying the “dip.”
For the Cautious: Tail RHB would be waiting for that $5,090 break. Once that ceiling becomes a floor, the way to $5,500 becomes noticeably smoother.
The Bottom Line
Fact: Gold is rallying, but it’s on the final boss at $5,090. If it secures this, we could be on for an assault towards the mid-$5,000s before spring is done with us.
