Maintain long positions while moving up the stop-loss. The yellow metal settled USD1.90 higher at USD1,295.20 – this was after it ranged between USD1,293.20 and USD1,299.10. At this juncture, we are still keeping our positive trading bias on the basis that its multi-week consolidation phase that took place between 20 Feb and 4 Apr has completed. This implies the commodity is likely to resume its upward move that started from the low of USD1,162.70 on 16 Aug 2018. This view would remain valid provided the immediate support of USD1,292.90 is not breached to the downside.

In the absence of a negative price follow-up from the prior session’s black candle, we continue to recommend that traders stay in long positions. We initiated these positions at USD1,308.30. For risk management purposes, a stoploss can now be placed below USD1,292.90

Immediate support is revised to USD1,292.90, the low of 11 Apr. This is followed by USD1,281.50, or the low of 24 Jan 2018. Conversely, the immediate resistance is set at USD1,330.80, which was the high of 25 Mar. This is followed by USD1,349.80, ie the high of 20 Feb.

Source: RHB Securities Research - 15 Apr 2019