RHB Investment Bank Bhd (RHB Research) has maintained its long positions on COMEX Gold despite the commodity's recent decline of US$22.50, closing at US$2,658.50 yesterday.
Monday's trading session saw COMEX Gold open at US$2,673.80, reaching a high of US$2,678.50 before dipping to US$2,644.50. The price rebounded slightly near the immediate support level, ending the day at US$2,658.50.
RHB Research highlighted that the price action demonstrates the strength of the support level at US$2,640 within the current bullish technical setup. However, the downward trajectory of the RSI indicator suggests a slowdown in momentum and the potential for sideways movement in the short term.
The research house advises traders to retain long positions initiated on Nov 19, at US$2,631, maintaining the stop-loss point at US$2,640 to manage trading risks.
Key technical levels remain unchanged, with the first support pegged at US$2,640, followed by a lower support at US$2,550. Resistance levels are identified at US$2,800 and US$2,900, respectively.
"As long as prices remain above the US$2,640 support level, the positive trading bias remains intact," RHB Research stated.
