RHB Retail Research
COMEX Gold - the Bearish Bias Stays
Maintain short positions, as the correction phase is still developing. The COMEX Gold ended the latest session on a weak note, shedding USD1.90 to close at USD1,478.70. The low and high were recorded at USD1,474.30 and USD1,483.60. We are still holding the view that the precious metal is in the process of developing a multi-month correction phase in the form of a retracement. This bias should stay until the commodity is able to decisively break out from the downtrend line – as drawn on the chart. Towards the downside, an extension of this correction phase may see the 200-day SMA line being tested. We maintain our negative trading bias.
As the bears are still seen as in control over the correction phase, we advise traders to stay in short positions. We initiated these at USD1,464.10, or the closing level of 11 Nov. For risk-management purposes, a stop-loss can be placed above the USD1,525.00 threshold.
The immediate support is set at the USD1,406.00 mark, ie near the low of 1 Aug. This is followed by USD1,390.90, or the low of 1 Jul. Meanwhile, the immediate resistance is set at USD1,525.00, ie the high of 3 Oct. This is followed by the USD1,566.20 level, which was the high of 4 Sep.
Source: RHB Securities Research - 19 Dec 2019
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