RHB Retail Research
COMEX Gold - Trading Within the Correction Phase
Multi-month correction phase still not ending; maintain short positions. The COMEX Gold settled the latest session on an encouraging note, adding USD5.70 at USD1,484.40. Trading ranged between USD1,477.10 and USD1,485.80. We are still of the view the commodity is merely experiencing a sideways rebound trading pattern over the recent weeks. This implies we are not seeing an end to its multi-month correction phase, which is taking the shape of a retracement. Hence, we are keeping our negative trading bias.
As we have yet to see that the commodity’s correction has reached its bottom, 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.
Immediate support is still pegged 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. On the other hand, 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 - 20 Dec 2019
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