RHB Investment Bank Bhd (RHB Research) maintained its positive trading bias for COMEX Gold, highlighting a bullish outlook after the commodity rebounded strongly from immediate support levels in the latest trading session. The precious metal rose by US$11.20, closing at US$2,659.60, supported by robust buying interest.

Gold opened higher at US$2,655 before dipping to an intraday low of US$2,635.60. Strong market momentum then propelled the price to a peak of US$2,667.90, before settling at US$2,659.60. This rebound reaffirms the strength of the immediate support at US$2,640, in line with expectations during a bullish technical setup.

The sideways trend of the Relative Strength Index (RSI) suggests continued consolidation in the near term. However, RHB Research emphasises that as long as COMEX Gold remains above the US$2,640 support, bullish sentiment will dominate, with the commodity expected to maintain its technical advantage.

Traders are advised to retain their long positions initiated at US$2,631 on Nov 19. RHB Research recommends managing downside risks by setting a stop-loss point at US$2,640. Immediate resistance levels are identified at US$2,800 and US$2,900, while additional support can be found at US$2,550 should the immediate level be breached.

The consolidation phase reflects a steady momentum for the yellow metal, reinforcing its appeal amid ongoing market interest.