RHB Investment Bank Bhd (RHB Research) has maintained its short positions on COMEX Gold, despite the commodity's recent counter-trend rebound. Gold rose by US$28 on Thursday, closing at US$2,669 after reaching an intraday high of US$2,674.20.

The yellow metal has displayed strong bullish momentum, with a second consecutive long bullish candlestick and an RSI surpassing the 50% threshold, signalling growing positive momentum. However, RHB Research maintains its bearish outlook, citing the intact US$2,700 resistance level and the 50-day SMA line as key obstacles to further upside movement.

"As long as gold remains below the US$2,700 threshold, the negative trading bias remains unchanged," RHB Research noted.

Traders are advised to hold on to short positions initiated on Dec 19, at US$2,608.10, with a stop-loss placed at US$2,700. Downside support is set at US$2,550 and US$2,450, while immediate resistance levels are at US$2,700 and US$2,800.