RHB Investment Bank Bhd (RHB Research) has maintained a positive outlook on COMEX Gold, with the commodity's bullish momentum continuing on Wednesday, rising by US$21 to close at US$2,675.60. The rise signals the possibility of gold crossing above the 50-day Simple Moving Average (SMA) line.
Gold opened the day at US$2,659.20 and reached an intraday high of US$2,682.80, before dipping to US$2,645.50. The price ended the day at US$2,675.60, marking the formation of its third consecutive bullish candlestick. This pattern indicates a strong bullish momentum in play, with the Relative Strength Index (RSI) entering positive territory, further suggesting potential for continued upside movement.
RHB Research noted that a successful move above the 50-day SMA line could boost market sentiment, paving the way for further gains towards US$2,700. As the bullish trend persists, the firm advises traders to maintain long positions initiated on 19 November at US$2,631, with a stop-loss point set at US$2,550 to manage trading risks.
Support levels are seen at US$2,550 and US$2,500, while resistance is expected at US$2,700, followed by US$2,800.
