The commodity continues higher in an upward bias following its repeated failed tests of RM2,850 last week. Its strength was underlined by the morning gap above the RM3,000 psychological resistance level and a close on a full-bodied white candle. It is also above the 50-day MAV line. Nonetheless, the rebound is still viewed in the context of a downtrend that started in late March, with the latest lower highs at RM3,193 and RM3,182. The commodity remains below the 200-day MAV line, reinforced by the longer-term negative indication of the 'Death Cross' that emerged in early July.

Thus, an upward bias should continue for the time being, and a firm bias should not see it below RM3,000. Resistance is now at RM3,100 ' the 38% retracement of the April-June decline. This is followed by 16 July's high of RM3,160 and the prior highs of RM3,182 and RM3,193. A sustained close above all three levels should bring an end to the five-month decline. Supports are now at RM3,050 and RM3,000. A quick change in sentiment may take place should the commodity close back below RM3,000. The resulting negative bias could be potent and may even lead to a break of the RM2,850 support level. Supports are also seen at last Friday's high of RM2,975, last Thursday's morning high of RM2,915 and last Thursday's low of RM2,880.