RHB Investment Bank Bhd (RHB Research) has recommended maintaining short positions on COMEX Gold despite a bullish candlestick performance that saw the commodity gain US$10.90, closing at US$2,690.80.

Gold opened at US$2,679.90 and touched an intraday low of US$2,673.70 before climbing to a high of US$2,696.80. The session closed above the 50-day SMA line, reflecting stronger bullish momentum. However, RHB Research notes that the technical setup remains bearish, with the US$2,700 resistance level holding firm.

The Relative Strength Index (RSI) remains above the 50% threshold, signalling reaccelerating positive momentum. Despite this, the research house advises traders to maintain short positions initiated on 19 December at US$2,608.10, with a stop-loss level set at US$2,700.

Immediate support is revised to US$2,600, followed by US$2,550. Resistance levels are pegged at US$2,700 and US$2,800. RHB Research remains cautious, holding a negative trading bias until the US$2,700 threshold is breached.