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Gold Tumbles, Analysts See Support At $2,626

Business Today ·  01:33
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COMEX Gold faced a significant drop yesterday, losing US$73.40 to close at US$2,676.30, falling below the US$2,700 support level.

The commodity opened at US$2,752.60 and consistently moved downward, hitting an intraday low of US$2,660.70 before ending the session, marking a Bearish Marubozu candlestick. Indicators, including the RSI's shift into negative territory, signal that bearish momentum is building.

RHB Investment Bank Bhd (RHB Research) maintains a positive trading bias on COMEX Gold, advising traders to hold long positions established on 17 October at US$2,707.50. RHB Research notes that the 50-day SMA line could help cushion further declines, and if the bearish trend continues, a rebound is likely around the US$2,626 support level. Key support levels are set at US$2,626 and US$2,500, while resistance stands at US$2,800 and US$2,950.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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