The COMEX Gold registered a gain of USD7.70 yesterday and closed at USD2,684.70 – remaining on track to test the USD2,700 resistance. The commodity began Wednesday's session at USD2,682.80. It then traded between USD2,694.90 and USD2,673.40 before settling at USD2,684.70.

The session eventually formed a bullish candlestick with a "higher high" closing, indicating that bulls still led the market. Meanwhile, the RSI indicator remains steady above the 50% level at 75.92%, suggesting strong bullish momentum is still in play. On the downside, the 20-day SMA line continues to provide support and is trending higher. Hence, we expect a follow-through of bullish price action in the coming sessions to test the USD2,700 resistance.

If the commodity manages to climb above the immediate resistance, it may continue to trend higher toward the next resistance at USD2,775. In line with the ongoing bullish trend, RHB said it maintains its positive trading bias on the commodity.