Bulls get a pushback; maintain short positions. The COMEX Gold witnessed a big swing in the latest session – trading in the band of USD1,496.80 – USD1,532.20, before ending USD4.20 higher at USD1,507.40. The inability of the commodity to retain a significant part of its intraday gains is indicating the bears are still in the control. On a broader picture, we are still seeing the commodity in the process of developing a correction phase. This came after it experienced a multi-month upward move previously. Maintain our negative trading bias. On the bias that the ongoing correction phase is expected to, at the minimum, test the immediate support of USD1,483, we recommend traders stay in short positions. These were initiated at USD1,511.10, which was the closing level of 9 Sep. For risk-management purposes, a stop loss can be placed above USD1,566.20. Immediate support is set at USD1,483, or the low of 13 Aug. This is followed by the USD1,406 mark, which was near the low of 1 Aug. Meanwhile, the immediate resistance is now envisaged at USD1,566.20, which was the high of 4 Sep. This is followed by the USD1,600 threshold.

Source: RHB Securities Research - 13 Sept 2019