Still looks like a sideways consolidation; maintain long positions. The COMEX Gold ended the latest session on a soft note, settling USD10.60 lower at USD1,643.50. The low was recorded at USD1,632,30 – not too far away from the USD1,630 immediate support. Overall, we continue to believe the precious metal’s price actions over the recent sessions suggest that a possible sideways consolidation phase is taking place – and that it is not showing signs of a possible trend exhaustion. Hence, we are keeping our positive trading bias.

We believe the bias remains strong for the upward move to extend once the consolidation phase is over. As such, we recommend traders stay in long positions. These were initiated at USD1,572.70, or the closing level of 23 Mar. To manage the risk, a stop-loss can now be placed at the breakeven mark.

The immediate support is still eyed at USD1,630, which was the price point of 24 Mar. This is followed by the USD1,600 round figure. Moving up, the immediate resistance is set at USD1,707.80, or the high of 9 Mar. This is followed by the USD1,725 threshold.

Source: RHB Securities Research - 31 Mar 2020