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.
