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Gold Prices Surge To US$2,781.10 As Bullish Momentum Continues

Business Today ·  Oct 30 15:55

COMEX Gold prices continued their upward trajectory, closing at US$2,781.10 after a rise of US$25.20. The precious metal's performance surpassed the US$2,775 resistance level, aligning with earlier expectations from RHB Investment Bank Bhd (RHB Research).

Opening at US$2,754.30, gold traded between a high of US$2,787.70 and a low of US$2,752 before the close. The bullish momentum is supported by an upward-trending Relative Strength Index (RSI) and the commodity remaining above both the 20-day and 50-day Simple Moving Averages (SMA), indicating a sustained bullish trajectory.

Following the recent breakout, RHB Research projects that gold could rally towards the next resistance levels of US$2,950 and US$3,100. Traders are advised to maintain long positions initiated at the close on Oct 17, at a price of US$2,707.50, while managing downside risks with a stop-loss set at US$2,626.

Immediate support levels remain unchanged at US$2,700, with the next support level positioned at US$2,626, corresponding to the close on Oct 9. The first resistance level has been revised upwards to US$2,950, with the subsequent resistance at US$3,100.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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