RHB Investment Bank Bhd (RHB Research) maintained its positive outlook on COMEX Gold, which rebounded by US$16.20 to close at US$2,681.
"The bulls remain in control as the yellow metal charted a fresh bullish candlestick with a long lower shadow," they noted, emphasising the intact support at US$2,640.
RHB Research highlighted that the commodity surpassed the 20-day SMA line, signalling a favourable technical setup for further bullish momentum. "At this juncture, the yellow metal may test the 50-day SMA line before resuming its upside movement," they added.
Traders are advised by the analysts to hold onto long positions initiated at the Nov 19 close of US$2,631, with a stop-loss point set at US$2,640 to manage risks.
The nearest support remains at US$2,640, followed by a lower support at US$2,550. Key resistance levels are pegged at US$2,800 and US$2,900, which could guide the next movements of the commodity.
