RHB Investment Bank Bhd (RHB Research) has reaffirmed its bullish outlook on COMEX Gold, following a notable rebound near the immediate support level. The yellow metal recouped intraday losses to close at US$2,653.30 after dipping to an intraday low of US$2,598.10.
The strong recovery saw COMEX Gold maintain its position above the US$2,640 support level, forming a bearish candlestick with a long lower shadow. This indicates persistent buying momentum despite selling pressure, aligning with RHB Research's view of a bullish technical structure as long as the US$2,640 threshold remains intact.
The research house advises traders to maintain long positions initiated at the close on Nov 19, at US$2,631, with a stop-loss level set at US$2,640 to mitigate risks. Moving forward, gold prices are expected to consolidate near the immediate support level.
Key support levels are pegged at US$2,640 and US$2,550, while resistance targets are set at US$2,800 and US$2,900.
